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    RBI tells Par panel that virtual digital assets like cryptocurrency a threat to economy
    From first arrival in 1790 to present - diaspora group traces Indian-American journey
    Meghalaya recorded 32 crore digital transactions in 2025-26: Official
    ED attaches Rs 58-crore assets of wife of Bhushan Steel's ex-promoter
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    FAQs on Mandatory Capture of Ship-to Field and Voluntary Closure of E-Way Bill, 2026
    Gross and Net GST revenue collections for the month of June, 2026
    Advisory on Revision of Timeline for Amendment of Aggregate Annual Turnover (AATO), 2026
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    CCI approves acquisition of certain shares in Krazybee Services and Finnovation Tech Solutions Private Ltd. by Mars Equity Dragon Fund VCC
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    July 2, 2026
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    Virtual digital assets face regulatory resistance as the central bank warns of illegal use, tracking challenges, and economy-wide risks.
    Virtual digital assets, including cryptocurrency, were described as posing risks to an emerging economy because of potential misuse for illegal activity, difficulty in tracking offshore entities, and broader regulatory challenges. The Reserve Bank of India stated that such assets should not be legalised in India at this stage. The Institute of Chartered Accountants of India supported a comprehensive VDA law and proposed guidance on recognition, measurement, presentation, disclosure, financial reporting, and compliance frameworks.
    July 2, 2026
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    Indian-American diaspora contributions are traced through a curated history spanning migration, science, politics, business, and culture.
    Indian-American diaspora history and contributions are traced through a curated project covering 250 defining moments across 15 categories of American life. The selection is described as research-based and externally reviewed, but not comprehensive. It highlights milestones in migration, citizenship, medicine, politics, corporate leadership, entrepreneurship, yoga, science, and cuisine, illustrating the community's growing influence in the American story.
    July 2, 2026
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    Digital financial inclusion in Meghalaya expands through Jan Dhan accounts, digital transactions, and a stronger focus on cyber resilience.
    Digital financial inclusion in Meghalaya expanded through the JAM framework, Direct Benefit Transfer and Digital Public Infrastructure, with 32.76 crore digital transactions during 2025-26 and nearly 10 lakh Jan Dhan accounts. Officials said about 98 per cent of account holders had adopted at least one digital mode of transaction, and the next phase should focus on financial literacy, cyber resilience and meaningful use of digital financial services, particularly in rural areas.
    July 2, 2026
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    Money laundering attachment of assets linked to alleged fund diversion, off-books sales and bogus capital gains entries
    Attachment of assets under the Prevention of Money Laundering Act in a money laundering case linked to alleged diversion of funds from Bhushan Steel Ltd. The Enforcement Directorate attached land, part of a residential property, equity shares and bank balances standing in the name of Ritu Singal, wife of former promoter Neeraj Singal, through a provisional order valuing the properties at more than Rs 58 crore. The action arose from allegations that funds were diverted under the guise of genuine transactions and that cash generated from the off-the-books sale of zinc ingots was routed into accommodation entries and unaccounted bank deposits.
    July 2, 2026
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    Electricity tariffs remain unchanged in Uttar Pradesh as subsidy support grows and EV charging gets lower solar-hour rates.
    Electricity tariffs in Uttar Pradesh are to remain unchanged across consumer categories for the seventh consecutive year for 2026-27, with a higher tariff subsidy supporting lifeline consumers, rural and urban poor families, private tube well operators and rural metered consumers. Although a regulatory gap was identified, no tariff hike was recommended in view of regulatory surplus and improved financial management. The tariff order also retains the green energy additional tariff and introduces provisions for battery swapping stations, Battery as a Service providers and a lower tariff for EV charging stations during solar hours.
    July 2, 2026
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    Anti-corruption enforcement strengthens vigilance courts, district police stations and witness support under transparency, technology and trust.
    Strict anti-corruption enforcement will be applied against ministers, MLAs and officials found involved in corruption, with a zero-tolerance approach and action by vigilance and economic offences agencies. The state will strengthen corruption control through Transparency, Technology and Trust, establish Special Vigilance Courts, Vigilance Police Stations and Vigilance Outposts, provide transport allowance to witnesses, and promote anti-corruption awareness in schools.
    July 2, 2026
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    Export quality standards support Himachal Pradesh's first cherry and plum shipment reaching Oman, widening horticulture market access.
    Himachal Pradesh's first export consignment of fresh cherries and plums has reached Oman, marking an initial international market entry for the state's horticulture produce. APEDA's regional office ensured compliance with international quality, grading, packaging and phytosanitary standards, while coordinating farmers, farmer producer organisations, cooperatives, exporters, HPMC, state departments and logistics partners. The development is presented as a step toward better returns for farmers and wider market access for horticulturists.
    July 2, 2026
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    Disinvestment and asset monetisation accelerate as the government boosts non-tax revenues and advances major divestment plans.
    The government has accelerated disinvestment and asset monetisation to augment non-tax revenues amid fiscal pressure, raising about 31 per cent of its full-year target in the first quarter through offer for sale transactions and Infrastructure Investment Trust-based monetisation. It plans to strengthen the divestment pipeline further, with Life Insurance Corporation and IDBI Bank identified as major prospective transactions under the miscellaneous capital receipts framework.
    July 2, 2026
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    Cross-border remittance payments gain near real-time speed as Swift's retail framework enables faster, more transparent transfers to India.
    Cross-border remittance payments to India are being processed through Swift's new retail payments framework with near real-time credit, end-to-end transparency, upfront cost certainty and no hidden foreign exchange deductions. Standard Chartered announced that it processed the first transaction under the scheme, completing the payment end-to-end in 37 seconds and demonstrating that participating banks can send money to India through Swift rails with settlement speed approaching domestic payment systems.
    July 2, 2026
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    Data sovereignty drives the launch of a sovereign cloud platform with built-in compliance, Indian jurisdiction and automated deployment.
    Swaraj Cloud is launched as an AI-autonomous sovereign cloud platform built and operated entirely in India, with servers, storage, networks and workload processing designed to remain under Indian ownership and Indian legal jurisdiction. It is presented as addressing data sovereignty and residency obligations under the DPDP Act, MeitY cloud requirements and RBI cloud guidelines by embedding sovereignty at the infrastructure level. The platform also includes a Prompt-to-Production Solution Generator, compliance mapping, Indian Rupee billing, automated deployment and a broad stack of cloud, AI, security and compliance services.
    July 2, 2026
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    Global competitiveness of the AYUSH sector gains focus through quality assurance, branding, exports and international collaboration.
    Government-industry stakeholders reviewed strategies to strengthen the global competitiveness of the AYUSH sector through innovation, quality assurance, branding, exports and international collaboration. The discussions covered export facilitation, scientific validation, WHO-GMP compliance, the Ayush Quality Mark, regulatory and market access challenges, and the need to expand global recognition for Indian AYUSH products and services. The session emphasised capacity building, international outreach, and alignment of Indian standards with international benchmarks.
    July 2, 2026
    Show AI Summary
    Seafood value addition skills gain focus as MPEDA promotes training, quality assurance and export-oriented processing excellence.
    MPEDA organised the second National Skill Olympiad on seafood value addition at Seafood Expo Bharat 2026 to promote export-oriented seafood processing skills. The initiative followed 50 training programmes across the east and west coasts, where more than 2,500 workers and professionals were trained in preparing products demanded in international markets. Finalists were assessed on technical skill, hygiene, precision, presentation and product quality, alongside live demonstrations and tasting sessions of value-added seafood products.
    July 2, 2026
    Show AI Summary
    Mandatory Ship-to GSTIN and voluntary e-Way Bill closure reshape GST compliance, API validations, and delivery recording from August 2026.
    Mandatory capture of Ship-to GSTIN is introduced for Bill-to/Ship-to and combination transactions in e-Way Bill and related e-invoice flows from 1 August 2026, with URP permitted where GSTIN is unavailable. The Ship-to GSTIN is captured only in the backend for verification and audit purposes and is not printed or shared through taxpayer-facing APIs. A voluntary e-Way Bill closure facility is also introduced, allowing closure after delivery by the supplier, recipient, transporter, driver or authorised person, through portal or API, with post-closure actions continuing during the initial stabilisation period.
    July 2, 2026
    Show AI Summary
    GST revenue collections show higher gross and net inflows, with domestic growth, import gains, and refund adjustments detailed.
    Gross and net GST revenue collections for June 2026 were reported with a breakup of domestic revenue, import revenue, refunds, and net revenue. Gross GST revenue rose on a monthly and yearly basis, driven by higher domestic collections and stronger import-side IGST collections, while refunds were separately shown for domestic supplies and export-related refunds through ICEGATE. Net GST revenue was also presented after deducting refunds, and the figures were noted as provisional and subject to finalisation.
    July 2, 2026
    Show AI Summary
    Aggregate Annual Turnover amendment window revised on the GST Portal for FY 2025-26 with officer review timelines updated.
    Aggregate Annual Turnover (AATO) functionality on the GST Portal is being upgraded to enable automatic updation of AATO as subsequent returns are filed after the amendment window. For FY 2025-26, taxpayers may submit AATO amendment applications from 1 July to 31 July 2026, and jurisdictional Tax Officers will review amended details from 1 August to 15 August 2026. The revised arrangement is intended to improve consistency, accuracy, and uniformity in AATO reporting.
    July 2, 2026
    Show AI Summary
    AI-generated precedents and judicial integrity: Supreme Court warns against hallucinated citations and demands human oversight in adjudication.
    The Supreme Court stressed zero tolerance against citing, producing, or relying on fake, non-existent, or hallucinated precedents generated through artificial intelligence, and held that such material contaminates adjudication and undermines the sanctity of judicial decision-making. It said counsel commit misconduct by citing unverified AI-generated judgments, and that a judge's reliance on hallucinated material is an equally serious lapse. The Court also called for accountability measures and human oversight in the legitimate use of AI as an aid to adjudication.
    July 2, 2026
    Show AI Summary
    Money laundering probe over alleged CMRL-Exalogic transactions expands under PMLA amid payments without services and loan defaults.
    Enforcement Directorate questioned the executive director of Cochin Minerals and Rutile Ltd. in a money laundering probe concerning alleged financial transactions between the company and Exalogic Solutions Pvt Ltd. The investigation concerns allegations that CMRL made payments without receiving corresponding services, and that related loan transactions were defaulted, forming the basis for examination of possible proceeds of crime under the Prevention of Money Laundering Act. The case was registered on the basis of a prosecution complaint filed by the Serious Fraud Investigation Office.
    July 2, 2026
    Show AI Summary
    Aadhaar update drive for students continues as education department says benefits and admissions will not be
    Students in Maharashtra with non-updated Aadhaar records are being covered under an ongoing school-level registration and authentication drive, and the education department has stated that no student is to be deprived of government scheme benefits or educational opportunities because of pending Aadhaar updates. The minister said that around 5.5 lakh students up to 18 years of age had pending Aadhaar updates as of May 2026, but denied that this was affecting school admissions, scholarships, DBT access, examination forms or bank account linking.
    July 2, 2026
    Show AI Summary
    Competition approval for consortium acquisition of Royal Challengers Sports and its cricket franchise operations
    The Competition Commission of India approved the acquisition of 100% shareholding of Royal Challengers Sports Private Limited by a consortium comprising Big Banyan Holdings, Bolt IPL Holdings, Times Internet, Times Cricket, ICQ Opportunities, Asia Investment Topco II and other investors. The combination involved collective acquisition by the identified acquirers, including newly incorporated investment and sports-related vehicles, and the target's business consists of owning and operating the Royal Challengers Bengaluru franchise and related professional cricket teams.
    July 2, 2026
    Show AI Summary
    Competition Commission approval for share acquisition in Krazybee Services and Finnovation Tech Solutions by Mars Equity Dragon Fund VCC.
    The Competition Commission of India approved the acquisition of certain shares in Krazybee Services Limited and Finnovation Tech Solutions Private Limited by Mars Equity Dragon Fund VCC. The proposed combination concerns Krazybee, a non-deposit taking non-banking financial institution and middle layer Investment and Credit Company, and Finnovation, the technology company that operates the KreditBee app and provides loan sourcing and payment-service access, including Unified Payments Interface facilities.

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      Customs & Trade

      Fearmongers wallowing in depths of despair after India successfully navigated energy crisis: PM Modi

      July 4, 2026

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      Pachpadra (Rajasthan), Jul 4 (PTI) India successfully navigated one of the biggest global energy crises of the century through proactive policies, diversified fuel sourcing and strong diplomatic ties, with "minimal burden" on citizens, while major countries struggled, Prime Minister Narendra Modi said on Saturday.

      Some forces were busy spreading fear in public and political games were played, but "they must be wallowing in the depths of despair today", Modi said at a public meeting, asserting that the country's handling of the situation would be remembered as an "unprecedented" chapter in history.

      "The war in West Asia created the biggest energy crisis of the 21st century. Many powerful nations struggled with fuel shortages. India overcame this challenge because it took the right decisions at the right time, assessed the situation correctly, used its resources in a balanced manner and utilised its diplomatic strength positively," he said.

      Prime Minister Modi, who dedicated the country's first greenfield integrated refinery-cum-petrochemical complex to the nation in Rajasthan's Balotra area, lauded authorities for working tirelessly over the last two months to repair the project, where a major fire had occurred on April 20, forcing the postponement of its scheduled inauguration by the PM the next day.

      On Friday, strong winds accompanied by rains damaged banners and hoardings at the refinery site ahead of the prime minister's visit and workers were engaged since Saturday morning for the repairs.

      The prime minister said India has substantially expanded its refining capacity while several developed regions have failed to do so.

      "The United States has not built a new refinery in the last 50 years. Europe's refining capacity has continuously declined. India has now become the world's fourth-largest country in refining capacity and this capacity will continue to grow," he said.

      The prime minister spoke about how LPG production was maximised, PNG connections increased and energy imports were sourced from more than 40 countries to overcome the crisis and shield citizens in India from the worst impact of the crisis.

      He said oil companies incurred losses of over Rs 75,000 crore between April and June due to rising global prices, but the government absorbed the burden.

      "In several countries, diesel and petrol prices rose by 40 to 50 per cent and fuel was distributed through quotas. India did not witness such a situation even for a single day.

      "Rumours were spread, people were frightened and political games were played, but those with wrong intentions did not succeed," he said, apparently attacking the Congress and other opposition parties.

      He noted the government was working round the clock at the policy and diplomatic levels to tackle the crisis. Every sensitive decision taken during that period will one day become part of history. What India achieved during this crisis is unprecedented, he said.

      "Those who wished to see India fail had even begun making predictions.. their malicious intentions did not succeed," he said.

      Modi said nearly 70 per cent of India's LPG requirement was met through imports and about 90 per cent of those supplies came from Gulf countries through the Strait of Hormuz. The conflict had nearly halted those supplies.

      He said the government immediately decided to maximise domestic refining capacity for LPG production.

      "Industrial gas production was shifted in favour of LPG production. Within seven days, refinery output of LPG increased significantly. During the crisis, LPG production went up by 54,000 metric tonnes. Refineries that had never produced LPG earlier were also reconfigured," he said.

      The government simultaneously ensured that PNG connections expanded rapidly so that domestic demand for LPG remained under control, Modi said.

      "More than 11 lakh households were connected with PNG in a very short period. Domestic consumers were also protected from the burden of rising prices. Experts believed a domestic LPG cylinder could cost Rs 2,000. Today it is available at around Rs 950," he said.

      He said commercial LPG prices were also reduced substantially. Referring to petroleum products, Modi said crude oil prices had surged from about USD 70 per barrel to USD 120 per barrel after the conflict escalated and supply routes were disrupted.

      He said India expanded energy imports significantly during the West Asia crisis.

      "When the crisis began, India was importing energy from about 25-26 countries. During the crisis, we increased this to more than 40 countries," he said, attributing the turnaround to India's diplomacy.

      On oil companies incurring losses, he said, "We reduced excise duty by Rs 10 per litre and ensured that the burden on citizens did not increase significantly." The prime minister said the country has become the world's fourth-largest in refining capacity and continues to expand. He also credited his government's long-term policies with overcoming global disruptions in fuel and fertiliser supply caused by the war between Iran and the US-Israel combine.

      Talking about the refinery project, he said an agreement for the Pachpadra refinery project had been signed in 2017, but work slowed considerably during the previous Congress government in Rajasthan between 2018 and 2023.

      "Because of the Congress government's lack of cooperation, work on the project almost came to a standstill. After the double-engine government came to power, work gathered pace. Today we are dedicating the project to the nation. We not only lay foundation stones but also complete and inaugurate projects," he said.

      The prime minister was speaking after dedicating and launching development projects worth around Rs 1.06 lakh crore.

      Modi said global conflicts had also affected fertiliser supplies, particularly after the Ukraine war, but India managed the situation.

      The prime minister said self-respect of an individual or a nation can remain high only when they are self-reliant.

      He said the BJP governments do not simply lay foundation stones for projects and leave them. "We work day and night to ensure their completion," he said.

      Modi also accused the Congress of neglecting the interests of Rajasthan and not resolving the water crisis.

      He noted that Rajasthan and Haryana have signed an agreement to provide Yamuna water to Rajasthan's Shekhawati region.

      "The agreement has been signed. It will benefit people in Sikar, Churu, Jhunjhunu and nearby areas. Around Rs 34,000 crore will be spent on this project," he said.

      Rajasthan Governor Haribhau Bagade, CM Bhajanlal Sharma, Union petroleum and natural gas minister Hardeep Singh Puri, deputy chief ministers Diya Kumari and Prem Chand Bairwa, several ministers and other public representatives, officials and a large number of people were present in the programme. PTI AG SDA RT

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