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    Forex kitty drops by USD 7.79 bln to USD 690.693 bln
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    Once a Maoist bastion, Bastar sees big shift as 31 new bank branches open in over 2 years
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May 8, 2026
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Foreign exchange reserves decline as foreign currency assets and gold holdings fall while SDRs edge higher.
India's foreign exchange reserves declined in the week ended 1 May 2026, with the overall kitty falling to USD 690.693 billion. The fall was driven mainly by a reduction in foreign currency assets and a sharper decline in gold reserves, while Special Drawing Rights and the reserve position with the IMF recorded marginal increases.
May 8, 2026
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Fuel price stability drives heavy under-recoveries for oil companies as government shields consumers from global energy shock.
State oil marketing companies are absorbing heavy under-recoveries to keep petrol, diesel and LPG prices unchanged amid a global energy shock. The article notes that India's imported energy dependence, shipping disruption, higher freight and insurance costs, and emergency sourcing expenses have strained balance sheets, even as fuel and LPG supplies remain uninterrupted. Government excise duty cuts and absorption of part of the fuel cost burden have moderated losses and helped preserve consumer price stability.
May 8, 2026
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Financial inclusion expands in Bastar as new bank branches improve access to banking, welfare transfers and digital payments.
Banking infrastructure in Bastar has expanded into remote tribal and previously inaccessible areas, with new branches reaching villages and block-level locations across the division. The expanded banking network has advanced financial inclusion by making bank accounts, digital payments, crop loans, insurance, pensions and self-employment schemes easier to access. Direct Benefit Transfer payments are now reaching beneficiaries directly into bank accounts, reducing middlemen and improving transparency, while easier access to banking and credit has supported women self-help groups, farmers, traders and youth.
May 8, 2026
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Canton Fair trade growth drives record overseas buyer attendance, showcasing new, green and smart manufacturing momentum.
The 139th Canton Fair concluded with a record overseas buyer turnout, featuring 314,000 buyers from 220 countries and regions, more than 32,000 exhibitors, and over 4.65 million products. The fair emphasized new, green and smart manufacturing, showcased AI-enabled scenarios, and added nine specialized exhibition zones for emerging product categories. The report also highlighted Guangdong's strong foreign trade performance, including rising exports, imports and self-owned brand exports.
May 8, 2026
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Fuel price stability amid global energy shock left oil companies absorbing heavy under-recoveries and higher input costs.
State-run oil marketing companies maintained uninterrupted supplies of petrol, diesel, LPG and aviation turbine fuel despite a sharp global energy shock, while retail prices in India remained unchanged. The companies absorbed large under-recoveries from the gap between elevated input costs and fixed retail prices, with additional pressure from emergency crude sourcing, freight, insurance and refinery optimisation expenses. Government excise duty reductions helped limit the burden and supported a policy of consumer stability and continuity of supply.
May 8, 2026
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Plastic traceability rules drive India's circular economy, linking QR-coded packaging, verified recycling, and cross-border regulatory alignment.
India's plastic packaging traceability framework is described as operational, requiring every plastic packaging unit produced or sold in India to carry a machine-readable QR code or barcode linked to the manufacturer's registration on the Central Pollution Control Board's EPR portal, with cross-referencing to GST registration data. The text also describes Maharashtra enforcement activity, integration of informal waste workers into the verified supply chain under 2025 EPR amendments, and support for traceability-based import controls, technical alignment with the EU's Digital Product Passport, and a universal plastic traceability data standard.
May 8, 2026
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Tariff authority limits under trade law challenge the legality of global import surcharges imposed beyond statutory conditions.
US federal court decision examined the legality of a 10 per cent global tariff imposed under the Trade Act of 1974 and held that the statutory provisions invoked for the import surcharges were limited to a balance-of-payments crisis. The majority found that the government's reading of Section 122 would confer an impermissibly expansive tariff power and that the President's proclamation did not assert the conditions required by the statute for lawfully imposing the surcharge.
May 7, 2026
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Money laundering probes over forged land-use approvals, investor duping, and real estate proceeds of crime in Punjab searches.
Enforcement Directorate searches were conducted under the Prevention of Money Laundering Act in probes linked to two real estate groups accused of fraudulent change of land use, forged consent documents, and duping investors. The Suntec City matter concerns alleged fabricated landowner consents, collection of money without sale deeds, and subsequent projects based on the disputed land-use approval. The Altus matter concerns alleged misrepresentation of land-use approval, cancellation of the approval, and undervaluation in a later purchase of the project.
May 7, 2026
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Regulatory summons compliance in market investigations remains a distinct offence despite claims of control by third parties.
Failure to comply with regulatory summons and furnish transaction records during a market-manipulation investigation was treated as a separate compliance offence, even though the underlying inquiry concerned alleged price manipulation in shares of BPL, Videocon and related securities. The proceedings arose from SEBI's 1998 investigation into abnormal price movements and trading volumes, in which brokers were found to have dealt primarily for a common set of client entities connected with the Damayanti Group. The explanation that the entities were controlled by Harshad Mehta and operated without the directors' knowledge was not accepted as a defence to non-compliance.
May 7, 2026
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Fruit export competitiveness depends on quality, shelf life, logistics and post-harvest infrastructure to lift farmers' incomes.
India must expand fruit and vegetable exports by strengthening quality control, shelf life, logistics, processing infrastructure and post-harvest systems so horticulture can move from production-centric farming to an integrated value chain reaching global markets. The focus is on premium-quality production, compliance with international export standards, zero rejection, and improved market access through modern technology, pack houses, practical export SOPs and stronger participation by FPOs, FPCs and self-help groups. A time-bound task force, clean plant material support, shelf-life research, orchard rejuvenation and export infrastructure are part of this policy direction.
May 7, 2026
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Income tax collection and compliance in Bihar and Jharkhand rise as the new tax law stresses clarity and easier filing.
Income Tax collection in Bihar and Jharkhand during the 2025-26 financial year was reported at about Rs 20,000 crore, with a substantial share received through tax deduction at source. Officials also noted that the new Income Tax Act, 2025 will replace the 1961 Act and is intended to improve clarity, ease of compliance, and reader-friendly presentation without altering tax policy.
May 7, 2026
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Investment liberalisation in India-EU trade talks stays unresolved as parties push for stronger protection and wider market access.
Investment liberalisation and investment protection remain central unresolved elements in the India-EU free trade framework, with calls for a dedicated investment liberalisation chapter in non-services sectors and for early conclusion of the separate investment protection pact. The article also notes that the FTA is under legal scrutiny and may later be reviewed to revisit this missing investment element. Alongside this, a parallel geographical indications agreement is framed as part of a broader trade package.
May 7, 2026
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Bribery investigation leads to arrest of a CGST Superintendent and a Computer Operator over alleged illegal gratification demand.
The Central Bureau of Investigation arrested a Superintendent of CGST, Meerut, and a Computer Operator in a bribery case involving allegations of demand of illegal gratification for revocation of a show cause notice. The case was registered against the Computer Operator on allegations that the bribe was sought on behalf of the Superintendent. A trap was laid, and the Computer Operator was caught red-handed while demanding and accepting the bribe amount. Both accused persons were arrested, and investigation is continuing.
May 7, 2026
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Gross State Domestic Product compilation is updated with a new base year to improve comparability, consistency and fiscal planning.
Adoption of a new base year of 2022-23 for National Accounts requires States and Union Territories to compile Gross State Domestic Product on the revised series so that regional estimates reflect the current economic structure and remain consistent with updated data sources, improved estimation practices and evolving international standards. The uniform guideline for compilation of Gross State Value Added is intended to standardize State-level estimation practices and improve consistency, reliability and comparability across Regional Accounts Statistics. Gross State Domestic Product remains central to fiscal planning, tax devolution, resource allocation and borrowing limit calculations.
May 7, 2026
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Grievance redressal performance under CPGRAMS improves through structured monitoring, timely disposal, and reduced pendency in public service delivery.
Grievance redressal performance under CPGRAMS is assessed through the GRAI, which measures ministries and departments on effectiveness and timeliness of complaint resolution. The Insurance Division of the Department of Financial Services ranked first in the Group A category for March 2026, while the Banking Division retained fifth position for the second consecutive month. A structured mechanism of daily monitoring, weekly review, and monthly scrutiny supports timely disposal, reduced pendency, and improved quality of resolution.
May 7, 2026
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Fake firms and forged identities allegedly used to route hawala-linked transactions, GST fraud and shell-company banking networks.
Alleged operation of a network of fake firms, forged identities and bank accounts was uncovered in connection with suspected hawala transactions, GST fraud and routing of large cash and electronic payments across multiple states. The alleged network was said to use Aadhaar, PAN and other documents of labourers, scrap workers, painters and daily wage earners to obtain GST registrations, open bank accounts and create shell companies, with multiple firms and accounts under scrutiny.
May 7, 2026
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Fruit and vegetable export expansion aims to raise farmers' income, improve quality, and strengthen processing infrastructure.
India's fruit and vegetable sector is being promoted for export expansion to raise farmers' income, generate employment and increase foreign exchange earnings. The focus is on increasing fruit production, improving quality and strengthening processing infrastructure, while bringing farmers, exporters, processors and institutions together to address shelf life, freight costs, cold storage, ripening chambers and transport-related issues.
May 7, 2026
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IPO disclosure and securities offering restrictions govern proposed equity issue, with SEBI filing and U.S. registration limits.
Greaves Electric Mobility Limited has proposed an initial public offering of its equity shares, subject to approvals and market conditions, and has filed a draft red herring prospectus with SEBI. The announcement states that it is not an offer or invitation to sell securities, that investors should refer to the prospectus and its risk factors, and that the equity shares are not registered under the U.S. Securities Act. The securities are offered only to qualified institutional buyers in private transactions and outside the United States under Regulation S, with no public offering in the United States.
May 6, 2026
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Economic offences show a marginal decline in Delhi as property losses remain highest among Union territories.
Economic offences in Delhi recorded a marginal decline in 2024, but the city continued to report the highest property losses among Union territories. Forgery, cheating and fraud formed the bulk of cases, followed by criminal breach of trust and counterfeiting. NCRB data also showed a large pipeline of pending and fresh cases, with investigations resulting in transfers, final reports, arrests and charge-sheets across multiple offence heads.
May 6, 2026
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Election commissioner appointments and heritage protection drew attention as the court examined lawmaking directions and restoration needs.
Regulation of the appointment process for the chief election commissioner and election commissioners came under consideration as the Supreme Court examined whether it can direct Parliament to enact a law governing the procedure for such appointments. The issue centred on the institutional question of whether judicial directions can be issued to require legislative action in an area touching the constitutional framework for election administration. Protection and restoration of heritage structures also figured prominently, with the Supreme Court stating that Mysuru's Devaraja Market and Lansdowne Building, both over a century old, should be protected and that necessary renovation and restoration work should be carried out.

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Federal court strikes down Trump’s 10 per cent global tariffs as 'invalid'

May 8, 2026

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Washington, May 8 (PTI) In another setback to the White House, a US federal court has struck down the 10 per cent global tariffs slapped by President Donald Trump, terming them "invalid" and "unauthorised by law".

These new tariffs were imposed by Trump on all countries, including India, on February 24 for 150 days following a Supreme Court verdict that struck down his earlier sweeping levies.

The Supreme Court had said that the International Emergency Economic Powers Act (IEEPA) does not authorise the imposition of duties.

In a split verdict, the Court of International Trade on Thursday ruled that the provisions of the Trade Act of 1974, invoked by Trump to impose 10 per cent tariffs could be effective only in case of a balance of payment crisis.

Judges Mark A Barnett and Claire R Kelly said in the ruling that if the president has the ability to select among the sub-accounts to identify a balance-of-payments deficit, unless every sub-account is balanced, the president would always be able to identify a balance-of-payments deficit.

"Such an expansive reading of the statute" would give Trump unlimited tariff power that belongs to Congress, the two judges said, adding that such preferred interpretation of the statute by the government should be disfavoured.

"This case turns on the meaning of Section 122 and whether the president asserted the existence of the conditions required by the statute in order to lawfully proclaim the import surcharges. ... As discussed further below, the President's Proclamation fails to assert that those required conditions have been satisfied," the majority judges said in the ruling.

Judge Timothy C Stanceu disagreed with the two brother judges.

The US administration is expected to appeal against Thursday's ruling.

The court's decision directly applied only to three of the plaintiffs, the state of Washington and two businesses, spice company Burlap & Barrel and toy company Basic Fun! India and the US had announced the framework for an interim bilateral trade agreement in February, which is now being re-negotiated in the wake of the Supreme Court order.

Besides the 10 per cent tariffs under the Trade Act of 1974, the Office of the US Trade Representative is investigating 60 countries, including India, that account for a bulk of US imports, were taking enough measures to prohibit the trade in products created by forced labour. PTI SKU DIV GSP GSP

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