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    Lok Sabha passes Bankers' Books Evidence Bill to replace colonial-era law
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August 5, 2026
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Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
August 5, 2026
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Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
August 5, 2026
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Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
August 5, 2026
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Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
August 5, 2026
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Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
August 5, 2026
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Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
August 5, 2026
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Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
August 5, 2026
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Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
August 5, 2026
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Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
August 5, 2026
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Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
August 5, 2026
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Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
August 5, 2026
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Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.
August 5, 2026
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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.
August 5, 2026
Show AI Summary
Industry collaboration strengthens MSME competitiveness through shared resources, market linkages, capability building and inclusive support for women entrepreneurs.
MSME development is linked to collaboration, knowledge-sharing, institutional support and capability building. Industry associations can provide networking, policy advocacy, business intelligence, skills programmes, shared infrastructure and market linkages, while collective procurement, shared logistics, digital commerce and export readiness may improve competitiveness. Women-led enterprises benefit from market-oriented capability development, mentorship, continuous learning, professional networks, capacity-building programmes and institutional support. The Development of Industry Associations initiative is intended to connect associations and facilitate the sharing of best practices.
August 5, 2026
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Monetary policy rate maintenance continues under a neutral stance amid energy disruption, inflation concerns and sustained currency depreciation.
Monetary policy rate maintenance was continued with the repo rate retained at 5.25 per cent under a neutral stance amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The growth forecast was marginally increased and the inflation projection reduced. Sustained rupee depreciation against the dollar was attributed to costly oil, capital outflows, widening trade deficits and a strong US dollar.
August 5, 2026
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Monetary policy rate pause maintains a neutral stance amid energy disruption, inflation concerns and sustained rupee depreciation pressures.
Monetary policy rates were retained without change for a third consecutive review, with a neutral stance maintained amid uncertainty over energy prices and supply disruptions associated with the West Asia crisis. The policy assessment noted retail inflation above the medium-term target, alongside an upward revision to growth expectations and a downward revision to the inflation projection. Continued rupee depreciation was linked to higher oil prices, capital outflows, widening trade deficits and a stronger US dollar.
August 5, 2026
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Monetary policy expectations shape equity sentiment as softer crude prices and foreign investment support domestic financial assets.
Equity market sentiment improved in early trading as lower crude oil prices and foreign fund inflows supported benchmark indices, while investors awaited the monetary policy decision. Softer crude prices, rupee recovery, improving global risk sentiment, resilient economic growth, corporate earnings and sustained foreign portfolio investment supported domestic financial assets, despite continuing global and geopolitical uncertainties.
August 5, 2026
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Foreign exchange market movement strengthens as lower crude prices and monetary policy signals influence the rupee's direction.
Foreign exchange market movement saw the rupee appreciate against the US dollar in early trading, supported by lower crude oil prices, a softer dollar index, domestic equity gains and net foreign institutional investment. Market attention centred on the Reserve Bank of India's monetary policy decision, with expectations of an unchanged benchmark repo rate. Policy communication on inflation and developments in Hormuz-related talks were identified as factors that could influence the rupee's direction.

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Customs & Trade

Strategic trade mission capitalises on UK-India Free Trade Agreement opportunity

March 11, 2026

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• Mayoral-led mission to India strengthens economic and cultural partnerships during the year of the Free Trade Agreement in order to deliver impact for the West Midlands. • New civic, academic and innovation partnerships secured across Ahmedabad, Mumbai and Bengaluru to boost bilateral collaboration, trade and tourism BIRMINGHAM, England, March 10, 2026 /PRNewswire/ -- A strategic trade mission to the UK's West Midlands region has strengthened economic and cultural ties with India's subregions, building on the recent signing of the landmark UK-India Free Trade Agreement. Led by West Midlands Mayor, Richard Parker between 22nd and 27th February and representing the first outbound mission from the UK in 2026, the delegation of business, political and academic leaders visited Ahmedabad, Mumbai and Bengaluru. With the aim of reinforcing the long-established, trusted partnership between the West Midlands and India, the mission set out to deliver real impact for the West Midlands, strengthening economic and cultural links and boosting collaboration for the benefit of the region's businesses, people and academic institutions. The mission was organised by the West Midlands Growth Company (WMGC), with support from the India Global Forum and Greater Birmingham Chambers of Commerce. The delegation included Dr Julie Nugent, CEO at Coventry City Council, Prof. David Mba, Vice-Chancellor at Birmingham City University and Greg Clark, Executive Chair of University of Warwick Innovation District. Official trade mission partners included Aston University, Birmingham City University (BCU), energy provider E.ON, GEDU Global Education, University of Birmingham and University of Warwick. The delegation was also made up of a number of high-potential West Midlands businesses, led by the Greater Birmingham Chambers of Commerce, interested in exploring trade opportunities in India. These included Goldilock; School of Coding Limited; World Wide Generation Limited; Agilyx EMEA Ltd; Econominds; CyberQ Group and Cybercy Group. Throughout the week, the West Midlands delegation attended a series of meetings with senior figures from leading Indian manufacturing companies, with discussion centred around their shared commitment to the future of engineering innovation. This included clean energy company Atri Energy Transition and motorcycle manufacturer and major investor into the West Midlands, TVS Motor Company. Mayor Richard Parker also met with Natarajan Chandrasekaran, Chair of Tata Group – the region's biggest source of foreign direct investment (FDI) – to discuss how to accelerate collaboration across technology, energy, steel and communications between the two markets. This momentum was reflected through the announcement of a new alliance between the University of Warwick and Tata Power, focused on energy storage and industrial decarbonisation. Marking an important step toward strengthening long-term research capability, talent development, and global academic engagement aligned with Tata Power's strategic priorities, the collaboration highlights the importance of West Midlands-borne research expertise to Indian industry partners. During the mission, Aston University also entered into new partnerships with Indian academic institutions the All India Management Association and Xavier School of Management, creating new pathways for skills and talent. In line with the mission's focus on opening pathways around digital innovation and AI collaboration, the delegation visited some of India's most significant industry hubs. These included the Confederation of Indian Industry (CII) - which hosted an interactive industry session focused on unlocking cross-border growth and scaling innovation following the UK-India FTA – the offices of multinational technology company and West Midlands investor Infosys and Tata Consultancy Services. The delegation also visited Gujarat-based GIFT City – India's globally connected financial centre – with the region is now taking forward plans for a joint taskforce with the State of Gujarat, with the ambition of establishing a formal partnership for growth across shared priority sectors. In support of the region's ambition to grow its creative industries, the delegation visited the iconic Yash Raj Films to discuss how to build partnerships between Mumbai and the West Midlands, focused on attracting productions and opening up new opportunities for the region's studios, freelancers and young creatives. Throughout the mission, the West Midlands delegation hosted activity to promote cultural exchange and building strong foundations for future partnership with India. This included an event on "The Commonwealth Legacy", to share lessons from hosting the Birmingham 2022 Commonwealth Games, ahead of Ahmedabad hosting the major sporting event in 2030. The mission also successfully profiled the West Midlands across Ahmedabad, Mumbai and Bengaluru – engaging 30 tour operators through targeted roundtables, alongside five hosted meetings to focus on educational product development, route development and forward planning. Organised in collaboration with VisitBritain, this activity also focused on commemorating the top travel agents for driving inbound tourism from India into the region, with the number of visits from Indian tourists to the region having grown by more than 20 per cent over the last decade. India and the West Midlands have strong economic links, with India representing the UK's second largest source of investment projects for six consecutive years and the West Midlands representing the UK's largest recipient of FDI projects from India outside London. These strong economic ties are supported by organisations including the CII, Federation of Indian Chambers of Commerce & Industry (FICCI) and the National Association of Software and Service Companies (NASSCOM), with plans in place to host the NASSCOM UK Forum in Birmingham in the near future, following the trade mission. Richard Parker, Mayor of the West Midlands, said: "This mission was about turning the UK-India Free Trade Agreement into real opportunities for the West Midlands. "In just one week we strengthened relationships with some of India's biggest employers and fastest growing industries. We opened the door to new partnerships in clean energy, technology, education and the creative industries - sectors that will create jobs, investment and opportunity for people across our region. "The West Midlands already has one of the strongest relationships with India anywhere in the UK outside London. My job is to build on that foundation and turn it into practical results for our businesses, universities and communities. "We've come back with a strong pipeline of partnerships and projects. The next step is simple - turn those conversations into investment, collaboration and growth here in the West Midlands." Harjinder Kang, His Majesty's Trade Commissioner to South Asia & Deputy High Commissioner to Western India, said: "We were delighted to welcome the West Midlands Mayoral-led trade delegation to India. As a result of the UK-India FTA, we have witnessed a great deal of interest amongst Indian businesses to deepen their collaboration with this key UK region. Beyond business ties, a number of exciting new partnerships spanning research, energy, skills, and talent were also announced - reflecting the strength of the region and our bilateral relationship. The success of this mission, underpinned by growth across both countries, is inspiring to see." Further commentary from the delegation: Professor Gurpreet Singh Jagpal OBE, Chief Commercial Officer at Aston University, said: "Aston University was proud to sponsor the mission to focus on strengthening economic and cultural ties between the West Midlands and India. We explored new education and business partnership opportunities to help boost investment and deepen UK–India collaboration. "While there we were delighted to sign agreements with two Indian higher education institutions. XLRI has a reputation for producing employer-ready graduates which makes it a strong platform for promoting West Midlands-India engagement in skills, talent, and business ties, and AIMA is a national management body with wide reach across corporate and institutional leaders. These agreements will help foster education, research and business engagement initiatives with the West Midlands. The mission also gave us the opportunity to contribute to several round table panels and host some of our esteemed Indian alumni at networking events." Professor David Mba, Vice-Chancellor at Birmingham City University, said: "The Mayoral Trade Mission was a powerful opportunity to deepen Birmingham's partnership with counterparts across India. "From Commonwealth Games collaboration to visits to world-leading cultural and technology hubs, I return with new relationships secured and clear ambition for how BCU can work more closely with the institutions we met. We are ready to turn dialogue into delivery and ambition into lasting impact." Vijay Tank, Chief Commercial Officer at E.ON Energy Infrastructure Solutions, said: "The free trade agreement between India and the UK opens up major opportunities for new investment and deeper partnerships between our two countries. Both nations share a commitment to an energy transition that boosts business competitiveness while driving cleaner and more secure energy – an ideal foundation for long–term collaboration. "It was a privilege to join the Mayor in meeting political and industry leaders in Ahmedabad, Mumbai and Bengaluru. Those conversations reinforced that the opportunities ahead of us are real and significant. With a shared sense of purpose we have a genuine chance to build scalable, sustainable solutions that will benefit our people, businesses and communities." Kevin McCole, Managing Director at GEDU Global Education, said: "The week in India was really enjoyable and successful for the West Midlands and the delegates. There was a positive response from the political and business leaders in all three cities, and a genuine commitment to deepening the trade, investment and cultural ties." Professor Mark Lee, Deputy Pro-Vice-Chancellor at the University of Birmingham, said: "The West Midlands mission to India has been a powerful opportunity to deepen the partnerships that connect Birmingham with one of our most important global collaborators. Through initiatives such as our joint postgraduate programmes with IIT Madras and our new Future Skills scholarships for Indian students, the University of Birmingham is committed to creating opportunities that strengthen talent pipelines, support sustainable growth, and bring our region closer to India." Greg Clark, Executive Chair of Warwick Innovation District, said: "The University of Warwick has extensive and long-standing connections with India through our students, alumni, research collaborations and industrial and innovation Partnerships. The dynamism and confidence of the Indian economy and the UK-India free trade agreement present further opportunities for the West Midlands and India to deepen our relationships. "The University of Warwick's new strategic alliance with Tata Power, announced during the visit, is a clear example of how world-class research and education can work with Indian businesses to make for a better and more prosperous world together. The West Midlands delegation advanced those connections at a time of momentum in the UK-India relationship." West Midlands Growth Company The West Midlands Growth Company focuses on the WMCA geography of Greater Birmingham and Solihull, Coventry and Warwickshire, and the Black Country.Once the powerhouse of the industrial revolution, the West Midlands has evolved into a world-class and highly sought-after international business destination, with an economy worth £117bn. Situated at the heart of the UK, the region is home to three major cities (Birmingham, Coventry, Wolverhampton) and four thriving boroughs, which come together to form one of Europe's most dynamic and diverse metropolitan clusters. Photo - https://mma.prnewswire.com/media/2930557/West_Midlands_Growth_Company.jpg' alt='Embedded Media' /> Logo - https://mma.prnewswire.com/media/2702236/5856235/WMGC_Logo.jpg' alt='Embedded Media' /> (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR

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