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    Rupee crashes 82 paise to close at all-time low of 95.31 against US dollar
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May 11, 2026
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Rupee weakness deepens amid oil surge, dollar strength and foreign outflows, pressuring market sentiment and reserves.
The rupee fell sharply to a record low against the US dollar amid heightened West Asia tensions, a surge in crude oil prices, a stronger dollar and sustained foreign capital outflows. Market sentiment was also weakened by calls for austerity, including reduced discretionary spending and foreign travel, as part of efforts to conserve foreign exchange. India's foreign exchange reserves also fell in the latest reporting week, adding to pressure on the domestic currency.
May 11, 2026
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Bribery allegations in GST refund processing led to a CBI trap and apprehension of a CGST superintendent.
Allegations of bribery against CGST officers led to a CBI trap operation after a complaint claimed that the Superintendent and Assistant Commissioner, CGST, Balasore, Odisha, demanded illegal gratification for release of a GST refund. The CBI registered the case on the basis of the complaint and laid a trap, during which the Superintendent was apprehended while accepting the bribe amount.
May 11, 2026
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Industry-backed online degree programs expand AI, product management, and certification-led training for career-ready skills.
Industry-backed online degree programs are being launched to align higher education with a skill-first economy and AI-driven workforce needs. The programs emphasise employability, hands-on exposure, and real-world application, replacing purely theory-led learning with outcome-driven training that supports career growth and professional advancement. The portfolio includes data science, agentic AI, product management, and certification-linked management and technology programs designed to strengthen technology, business, and leadership readiness.
May 11, 2026
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Savings account interest rate revision boosts returns with monthly credit, digital onboarding, and select zero-balance account options.
AU Small Finance Bank has revised its savings account interest rates to up to 6.75% per annum, applicable to select balance slabs and subject to periodic change. The savings account structure includes monthly interest credit, zero-balance options for select variants, and fully digital account opening through video KYC without a branch visit. The account is integrated with mobile and net banking facilities, fund transfers, UPI, IMPS, NEFT, bill payments, fixed deposit booking, account statements, and security features.
May 11, 2026
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Austerity and self-reliance appeal amid West Asia conflict sparks political clash over responsible leadership.
Political exchange over the Prime Minister's appeal for austerity and economic self-restraint in the context of the West Asia conflict. The appeal urged citizens to conserve energy, reduce fuel consumption, use public transport and carpooling, postpone gold purchases and foreign travel, and prefer indigenous products and Swadeshi goods to conserve foreign exchange and support self-reliance. The response defended these measures as responsible leadership and invoked Nehru's remarks on the impact of wars abroad on India.
May 11, 2026
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Foreign exchange conservation and fuel restraint shape a wider debate on austerity, consumption cuts, and economic stress.
Concerns were raised over the economic impact of the West Asia conflict and the possibility of tighter austerity measures, including higher fuel prices, as the government urged citizens to reduce consumption of petroleum products and other imports. The stated objective of these appeals was to conserve foreign exchange and reduce pressure on the economy amid rising supply-chain stress and increased prices of petrol and fertilisers. The measures advocated included greater use of metro rail, carpooling, electric vehicles, railway parcel movement, work-from-home arrangements, postponement of gold purchases and foreign travel, reduced edible oil consumption, lower use of chemical fertilisers, promotion of natural farming, and preference for Swadeshi products.
May 11, 2026
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Foreign-exchange conservation appeal to delay gold purchases and travel weighs on jewellery demand and bullion sentiment.
Postponement of gold purchases and avoidable foreign travel was urged as a foreign-exchange conservation response to the West Asia crisis and higher crude prices. The appeal was linked to macroeconomic stability, trade deficit management, and pressure on the rupee and current account, while analysts said it could dampen short-term jewellery demand and sentiment across bullion-linked businesses.
May 11, 2026
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MSME growth strategy turns on AI adoption, export expansion, and global supply chain integration for scale.
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May 11, 2026
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ODOP honey export from Baksa advances farmer-led exports, quality compliance, and stronger market access for rural producers.
ODOP honey from Baksa district in Assam was exported to the USA in the first-ever consignment through APEDA facilitation, marking a step in promoting district-specific agricultural products under the One District One Product initiative. APEDA supported the export by strengthening processing-facility infrastructure, including testing and laboratory equipment, to help meet international quality standards and food safety requirements. The initiative is presented as a means of improving value addition, expanding export growth, integrating farmers from Aspirational Districts into global value chains, and generating better price realisation for local beekeepers and farmers.
May 11, 2026
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Crude oil price surge and West Asia tensions weigh on stock markets as foreign exchange conservation measures intensify
Stock markets fell in early trade as rising crude oil prices and renewed West Asia tensions weighed on sentiment, with Brent crude higher and supply disruption concerns returning to focus. The pressure was linked to the risk of a wider current account deficit and foreign exchange outflows, while the reported response emphasised conserving foreign exchange through lower fuel use, public transport, carpooling, electric vehicles, postponement of gold purchases, and deferment of foreign travel.
May 11, 2026
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Foreign exchange conservation drives fuel, gold and travel restraint amid West Asia conflict concerns.
Calls for conserving foreign exchange and reducing dependence on imported inputs amid the West Asia conflict by urging citizens to use petrol and diesel judiciously, defer gold purchases and foreign travel, and adopt lower-consumption and efficiency measures such as metro travel, carpooling, electric vehicles, rail-based parcel movement, work-from-home arrangements, virtual meetings and video conferencing. The policy emphasis is on protecting the economy from supply-chain pressure and inflationary effects while promoting self-reliance through reduced fuel use, lower edible oil consumption, less chemical fertiliser use, natural farming and greater use of Swadeshi products.
May 11, 2026
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Rupee weakness deepens as higher crude prices, stronger dollar and foreign outflows pressure early trade.
The rupee weakened sharply in early trade after higher crude oil prices, a stronger US dollar, and foreign portfolio investor outflows added pressure. It opened lower against the US dollar and traded near 94.90 after a steep fall from the previous close, while domestic equities declined and forex reserves were reported lower in the latest weekly update.
May 10, 2026
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Seafood export market access expanded through EU engagement, quality controls, and removal of regulatory bottlenecks after tariff pressure.
India secured access to the European Union seafood market through active trade engagement after the United States imposed steep tariffs on Indian seafood exports. The government addressed regulatory bottlenecks that had limited Indian shipments, including the restoration of previously delisted fishery establishments through quality control orders and standards, and more than 125 Indian fishery establishments were registered for access to the EU market. The move formed part of a wider export strategy focused on long-term trade opportunities, export growth, manufacturing, and employment.
May 10, 2026
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Political targeting allegations drive AAP protests across Punjab over ED action against Sanjeev Arora.
AAP held protests across Punjab against the BJP-led Centre over Enforcement Directorate action against Punjab Industries Minister Sanjeev Arora, alleging misuse of central investigative agencies and political targeting of Opposition leaders. The ED had arrested Arora after raids in connection with an alleged money laundering case linked to an alleged GST fraud involving entities associated with him, and the arrest was made under the Prevention of Money Laundering Act.
May 10, 2026
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Fuel pricing pressure forces oil marketing companies to absorb under-recoveries, straining working capital and energy security investments.
State-owned oil marketing companies have been absorbing rising crude and LPG input costs to keep petrol, diesel and cooking gas supplies uninterrupted at prices below cost during the global energy shock. The resulting under-recoveries are putting pressure on balance sheets, working capital and future investment capacity, while government excise duty cuts have partly softened the burden on consumers. The report links sustained stress to energy security, infrastructure expansion and energy transition priorities.
May 10, 2026
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GST fraud and money laundering probe led to ED custody in alleged fake invoice and Input Tax Credit case.
Enforcement Directorate action under the PMLA was taken in relation to alleged GST fraud and money laundering involving fake purchases of mobile phones, use of non-existing firms, and allegedly false claims of Input Tax Credit. The agency alleged that the transactions were linked to subsequent exports used to round-trip illegitimate funds from Dubai to India. A Gurugram special PMLA court remanded Punjab Industries Minister Sanjeev Arora to seven days' ED custody after his arrest from Chandigarh.
May 9, 2026
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GST input tax credit and alleged round-tripping dispute concerns mobile phone exports, supplier-side fraud claims, and regulatory cooperation.
Hampton Sky Realty Limited stated that it was cooperating with statutory authorities and would place relevant records before the appropriate fora. The company denied any round-tripping or bogus export arrangement, said its mobile phone exports were verified at multiple statutory stages, and asserted that no funds were retained offshore or routed back. It also said the GST issue concerned a small number of domestic suppliers, payments were made through banking channels, returns were filed regularly, and the disputed GST amount had already been deposited and was under appeal.
May 9, 2026
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EU-India partnership deepens through trade, security, mobility and strategic cooperation with a new five-year agenda.
The European Union and India have described their partnership as increasingly ambitious, progressive and strategically significant, with both sides portraying the relationship as having moved to a new qualitative level. Major takeaways highlighted include a joint strategic agenda for the next five years, completion of negotiations for a free trade agreement, a security and defence partnership pact, and a comprehensive mobility framework. The dialogue is also linked to broader economic engagement, global stability, support for Ukraine, and the view that the EU is fundamentally a peace project.
May 9, 2026
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Prevention of Money Laundering Act action draws political vendetta allegations over raid and arrest of Punjab minister
Enforcement Directorate action under the Prevention of Money Laundering Act was reported against Punjab industries minister Sanjeev Arora in connection with an alleged GST fraud-related money laundering case involving linked entities. Officials said he was arrested after raids at his residence, while Aam Aadmi Party leaders alleged the action was politically motivated, reflected misuse of central investigative agencies, and amounted to intimidation and harassment rather than genuine investigation.
May 9, 2026
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Money laundering probe alleges diversion of loan repayments through shell entities and fake RTGS instructions in Sravanthi Group case.
Money laundering allegations arose from an ED probe into the Sravanthi Group and entities controlled by D V Rao, including DJW Electric Power Projects Private Ltd and Sravanthi Energy Private Limited. The investigation alleged misuse of RTGS repayment instructions, diversion of loan repayments to shell entities, and routing of funds through fake lender details. The ED stated that the probe had identified proceeds of crime of about Rs 284 crore across the connected transactions, with a separate component of alleged loan fraud of about Rs 58 crore.

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Delhi Gymkhana seeks alternate land amid takeover row; nearly Rs 48 cr ground rent dues unpaid

May 26, 2026

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New Delhi, May 25 (PTI) The general committee overseeing Delhi Gymkhana Club on Monday urged the Centre not to disrupt the functioning of the institution, even as it emerged that three notices were sent to the club management since September last year over pending ground rent dues of around Rs 48 crore.

Sources in the Union Housing and Urban Affairs Ministry said that the last notice was sent in April, just weeks before the the eviction order issued on May 22.

Some members of the club on Monday alleged that they had not been informed in advance about the unpaid dues.

According to sources aware of the developments, the Land and Development Office (L&DO) had asked the club several times to deposit the pending ground rent through notices sent in September last year, March 2026 and April 2026.

In April this year, the L&DO cautioned that if the dues were not cleared within a week, it would proceed with steps to reclaim the property and resume possession of the club premises.

Meanwhile, in the letter to the L&DO on Monday, the general committee overseeing the club, constituted by the Government of India, requested the Ministry of Housing and Urban Affairs and the L&DO to consider allotting an alternative plot of land for relocation of the club in case the takeover proceeds.

One of the committee members said the interests of members, employees and other stakeholders should be protected before any decision affecting the club's operations is implemented.

The general committee said it had been working for over four years to improve the club's administration and financial condition after taking charge under the National Company Law Tribunal (NCLT) order of April 1, 2022.

It said the club had witnessed a financial turnaround under its tenure, with the projected profit and loss statement for 2023-24 showing a profit of Rs 9.25 crore against a loss of Rs 12.39 crore in 2021-22.

It said the turnaround was achieved without adding new memberships, which had earlier been a major source of revenue for the club.

It had streamlined administrative processes, introduced standard operating procedures across departments and reduced pending litigation, including labour disputes, the committee further said.

It also claimed that efforts had been made to digitise and update membership records, noting that nearly 43 per cent of such records were unavailable in 2022.

According to the letter, the committee members appointed by the Ministry of Corporate Affairs (MCA) were professionals working in an honorary capacity without any sitting fee, financial benefit or reimbursement of expenses.

The committee also said relocation of the club would require substantial expenditure for rebuilding infrastructure and facilities developed over several decades.

Meanwhile, members of the club held a meeting on Monday and termed the proposed takeover "illegal", while also raising concerns over what they described as selective action against the institution.

The members said "similar clubs should get similar treatment" and argued that the perception of the club as an illegitimate user of public land was "misleading", stating that the premises are actively used for sports, recreation and cultural activities by thousands of members and their families.

A member of the general committee said discussions were underway with officials of the L&DO and the Ministry of Housing and Urban Affairs to prevent the takeover.

"We are in regular conversation with the L&DO and officials in the Urban Development Ministry. We are trying our best to ensure that the club continues at its present location," he said.

The committee is also seeking protection for around 600 employees associated with the club in the event of relocation, the member added.

Members also said long waiting lists for membership reflected demand rather than illegitimacy and called for reforms in governance instead of the closure of the institution.

Established in 1913, the Delhi Gymkhana Club was described by members as one of the capital's oldest sporting and social institutions with heritage value beyond its commercial land worth. PTI SHB BUN SKY SKY

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