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June 3, 2026
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Gold reserve clarification: central bank denies sale reports and confirms physical stock remains unchanged.
The Reserve Bank of India clarified that reports of a gold sale were incorrect and that its physical gold stock remains unchanged at 880.52 tonnes. It advised the public to rely on official information and noted that gold's share in India's foreign exchange reserves had increased over the relevant period.
June 3, 2026
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Section 301 trade probe over forced labour and excess capacity keeps India engaged as tariff proposal remains unfinalised.
India remains engaged with the United States in Section 301 proceedings concerning allegations of forced labour and excess industrial capacity, while also pursuing finalisation of an interim trade agreement framework. The United States Trade Representative has issued findings in the forced labour investigation and proposed additional tariffs on imports from multiple economies, including India, but the measure remains only a proposal and is not yet final.
June 3, 2026
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June 3, 2026
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Forced labour trade duties pressure rupee as proposed US action and broader risk sentiment weigh on markets.
The rupee weakened in early trade against the US dollar amid concern over a proposed US Trade Representative move to impose additional duties on India and other countries for alleged failures to prevent imports of goods produced with forced labour. India denied the allegations and said the issue should be addressed through ongoing bilateral trade negotiations. The currency was also pressured by broader global risk factors, including geopolitical tensions, a firmer dollar, higher crude oil prices and weakness in domestic equity markets.
June 3, 2026
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Forced labour import prohibitions drive proposed additional duties and a differentiated tariff framework for affected economies.
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June 2, 2026
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June 2, 2026
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June 2, 2026
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State GST collections in Haryana lead the country, driven by strong revenue growth and efficient tax administration.
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Corp. Laws / SEBI / IBC

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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