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    Govt hikes windfall gains tax on petrol, diesel, ATF exports
    No guidelines to regulate online astrology platforms: Consumer affairs department to CIC
    Yellow.ai, a Global Leader in Enterprise Agentic AI, to Go Public via $550 Million Merger with Bluerock Acquisition Corp.
    Shri Piyush Goyal Invites Indian and Uzbek Businesses to Co-invest and Co-manufacture; Calls for Doubling Bilateral Trade at India-Uzbekistan Business...
    Every ₹1 invested under Kisan Credit Card– Modified Interest Subvention Scheme (KCC-MISS) contributes ₹2.30 to net value addition in the...
    India achieves near-universal banking coverage, with 99.92% of inhabited villages now served by a banking outlet
    Rupee rises for 6th day, gains 12 paise to 95.31 against US dollar as crude drops
    ACE Software Posts Earnings Turnaround; Standalone Profit Before Tax Up 43% YoY
    Rajya Sabha passes bill to tackle payment delays faced by MSMEs amid Opposition protests
    MPC's 3-day meeting begins amid expectations of status quo on interest rates
    Trane Technologies Reports Strong Second Quarter Results; Raises Full-Year Revenue and EPS Guidance
    CBN dismantles inter-state counterfeit drug network in Bihar under Operation Vajra; mastermind arrested
    DRI seizes quantities of gold; drugs, e-cigarettes and other contraband in pan-India Ops; 20 persons, including 5 foreign nationals, arrested
    Union Government releases tax devolution of ₹1,09,019 crore to State Governments, as one advance instalment to accelerate their capital and deve...
    Raymond Lifestyle Limited Delivered a stable Q1 FY27 Performance
    Rupee rises 31 paise to 95.12 against US dollar in early trade
    Customs seizes 8 kg gold worth over Rs 11 cr at Kerala airports in one week
    Drill, Baby, Drill: India to fund Rs 650 cr per well for 60 deepsea wells to break its oil import habit
    Punjab GST revenue rises 20 pc to Rs 10,447 crore in April-July: Cheema
    India-China trade through Shipli La resumes after six years
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    August 3, 2026
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    Windfall gains tax on petroleum exports increases to discourage exports and preserve domestic fuel availability during regional supply disruptions.
    Special additional excise duty on exports of petrol, diesel and aviation turbine fuel has been increased for the relevant fortnightly period, while existing duty rates for petrol and diesel cleared for domestic consumption remain unchanged. The windfall gains tax is intended to preserve domestic availability of petroleum products during the West Asia crisis and prevent exporters from benefiting unduly from price differences linked to elevated global crude oil prices.
    August 3, 2026
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    Online Astrology Platform Regulation: consumer department reported no guidelines, while information requests required revised factual disclosures.
    Online astrology platforms were reported as lacking specific regulatory guidelines within the consumer affairs department. The RTI application sought information on alleged unfair trade practices, investigations, complaints, licences, approvals, and applicable rules. The National Consumer Helpline stated that it had not investigated because it functions as a grievance-resolution platform. A revised factual response was required on investigations and complaint data, while queries concerning regulation, licences, approvals, and related investigations were to be transferred to the public authorities likely to hold that information.
    August 3, 2026
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    Business combination disclosure outlines shareholder approval, registration requirements, financing conditions, and forward-looking risks for the proposed public listing.
    The proposed business combination would take Yellow.ai public through a definitive agreement with Bluerock Acquisition Corp., subject to customary closing conditions and shareholder approval. Bluerock intends to file a Form S-4 registration statement containing a proxy statement/prospectus for proxy solicitation and securities issuance in connection with the transaction. The communication is not an offer or solicitation and states that no securities offering may occur without compliance with applicable registration, qualification or exemption requirements. Transaction projections and anticipated benefits are forward-looking statements subject to material risks and uncertainties.
    August 3, 2026
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    Bilateral investment and trade facilitation drive proposed co-investment, digital cooperation and advanced manufacturing partnerships between Indian and Uzbek businesses.
    India-Uzbekistan cooperation is proposed through co-investment, co-manufacturing and co-innovation, supported by the Bilateral Investment Treaty to promote investor confidence and reciprocal investment. Priority sectors include mining, textiles, healthcare, agriculture, food processing, digital technologies and advanced manufacturing. Trade facilitation measures include reducing trade barriers, mutual recognition of standards, approvals, testing and certification, customs digitalisation and improved trade routes. Regulators and standard-setting bodies are expected to cooperate under a structured, time-bound economic partnership.
    August 3, 2026
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    Concessional agricultural credit supports working capital, crop diversification, allied activities, and digital expansion under the Kisan Credit Card scheme.
    The Kisan Credit Card-Modified Interest Subvention Scheme provides concessional institutional credit to reduce farmers' interest burdens and improve timely working-capital access. The scheme is reported to support cropping intensity, multi-season cultivation, diversified crop portfolios, timely input use, and credit discipline through the Prompt Repayment Incentive. It also supports dairy, livestock, and fisheries-based income diversification. Credit-delivery measures include collateral-free lending, digital platforms, simplified applications, coverage expansion, and awareness campaigns. State-wise data tracks operative accounts, outstanding credit, and non-performing Kisan Credit Card accounts.
    August 3, 2026
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    Banking inclusion expands rural access while digital credit systems and payment security controls address service delivery and cyber fraud.
    Banking inclusion is pursued by providing banking outlets within a five-kilometre radius of inhabited villages, with branch expansion permitted subject to rural-coverage requirements and continuing assessment of uncovered areas. Agricultural credit delivery uses digital loan, beneficiary-verification, processing and claim-settlement systems. Digital payment security measures require minimum controls for payment channels and include fraud-intelligence sharing, artificial-intelligence-based identification of money-mule activity, digital lending-app analysis, cyber-incident reporting, public awareness campaigns and electronic-banking training.
    August 3, 2026
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    Foreign exchange market movement strengthened the rupee as lower crude prices, investment inflows and improved risk sentiment provided support.
    Foreign exchange market movement saw the rupee strengthen for a sixth consecutive trading session against the US dollar, supported by declining global crude oil prices, a softer dollar, foreign institutional investment inflows and gains in domestic equity markets. Improved global risk sentiment followed the decision to defer planned US military strikes against Iran and allow diplomatic engagement. Renewed geopolitical tensions were identified as a factor that could limit further appreciation.
    August 3, 2026
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    Quarterly financial performance reflects revenue growth, improved standalone profitability, and continued investment in AI-led digital technology platforms.
    Quarterly financial performance reported revenue growth in standalone and consolidated operations, higher standalone profit before tax, and a return to consolidated profitability. The company continues to invest in an AI-led, intellectual-property-driven digital technology strategy through enterprise software, SaaS platforms, digital commerce, cloud, data and AI solutions. Its priorities include scalable platforms, proprietary technology assets, recurring-revenue offerings, partnerships and selective acquisitions. Complete financial results, notes to accounts and regulatory disclosures are available through exchange filings and the company website.
    August 3, 2026
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    MSME delayed-payment reforms strengthen award recovery, faster dispute adjudication, invoice discounting, and interim supplier payment protection.
    MSME delayed-payment reforms seek faster adjudication, strengthened recovery and improved liquidity for enterprise suppliers. Courts may direct payment of at least half of an awarded amount where a setting-aside application remains pending beyond six months. Mediated settlements and arbitral awards may be recovered as arrears of land revenue and recognised as legally enforceable debts under the insolvency framework. The measures also provide graded penalties, voluntary digital registration, invoice settlement through the Trade Receivables Discounting System, and additional Facilitation Councils.
    August 3, 2026
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    Monetary policy rate setting remains cautious as inflation, liquidity, growth and global uncertainty shape the policy stance.
    Monetary policy rate setting is expected to remain cautious amid global uncertainty, rising inflation risks and steady domestic growth. The inflation outlook is affected by energy-price pass-through, higher input costs, and seasonal and monsoon-related food-price pressures. Policy decisions are expected to remain data-dependent, guided primarily by domestic inflation, liquidity conditions and economic growth. A cautious or neutral stance is identified as preferable while external risks and inflation developments persist.
    August 3, 2026
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    Forward-looking financial disclosure raises revenue and earnings guidance while describing non-GAAP measures, capital allocation, and material business risks.
    Financial performance reporting identifies increased bookings, revenue growth, continuing earnings, and backlog, with segment-level operating and margin measures. The release addresses cash flow, capital allocation through dividends, acquisitions and share repurchases, and increased full-year revenue and earnings guidance. Forward-looking statements concerning financial performance, operations, demand, liquidity and capital deployment are subject to identified risks and uncertainties. Non-GAAP measures are presented as supplemental to GAAP measures, with definitions and reconciliations stated to be available in accompanying materials.
    August 3, 2026
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    Counterfeit drug enforcement targets illicit manufacture, storage and trafficking networks, with coordinated seizures and referral of non-narcotic stock.
    Counterfeit-drug enforcement under Operation Vajra addressed an inter-state network involved in the illicit manufacture, storage and distribution of narcotic drugs, psychotropic substances and spurious pharmaceutical products. Searches of unregistered godowns recovered narcotic products, unauthorisedly manufactured Buprenorphine injection ampoules, and counterfeit non-NDPS medicines. A farmhouse-based illicit manufacturing facility was dismantled, with machinery, chemicals and related materials seized under the NDPS Act, 1985.
    August 3, 2026
    Show AI Summary
    Anti-smuggling enforcement targets concealed gold, narcotics, protected products, prohibited e-cigarettes and restricted imports through coordinated intelligence operations.
    Intelligence-led anti-smuggling operations resulted in seizures of foreign-origin gold, narcotic drugs, hydroponic weed, protected wildlife and forest products, prohibited electronic cigarettes, and restricted poppy seeds and areca nuts. The operations identified concealment through fabricated baggage cavities, false cargo declarations, misdeclaration of origin, forged documentation, and concealment in transport vehicles. Poppy seeds are restricted under the Foreign Trade Policy and may be imported only subject to conditions concerning legally cultivated produce from designated countries and registration of import contracts with the Narcotics Commissioner.
    August 3, 2026
    Show AI Summary
    Tax devolution advance instalment strengthens State finances for accelerated capital and developmental expenditure through distribution of Union tax proceeds.
    Tax devolution was released to State Governments as an additional advance instalment alongside the normal monthly devolution schedule. The fiscal transfer shares net proceeds of Union taxes and duties with States, with the stated purpose of strengthening State finances and supporting accelerated capital and developmental expenditure. The release includes a State-wise distribution of tax-devolution proceeds.
    August 3, 2026
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    Financial performance reporting highlights revenue and EBITDA growth, garmenting recovery, retail optimisation, ESG commitments, and forward-looking risk disclosures.
    Financial performance reflects growth in total income and EBITDA, with improved margin, reduced net working-capital days, and a net-cash position. Branded textiles and high-value cotton shirting reported lower revenue due to the prior-year base effect, while branded apparel grew but faced lower margin from channel mix. Garmenting improved through order-book execution, tariff rationalisation, and new global clients. ESG priorities include female representation, waste-management initiatives, renewable energy, emissions reduction, and workplace safety. Forward-looking statements remain subject to regulatory, political, economic, and technological risks.
    August 3, 2026
    Show AI Summary
    Foreign exchange market support strengthens the rupee as lower crude prices, portfolio inflows and reserve growth improve sentiment.
    Foreign exchange market conditions supported an early appreciation of the rupee against the US dollar, attributed to lower global crude oil prices, a weaker dollar, sustained foreign portfolio inflows, higher foreign exchange reserves, and Reserve Bank of India presence in the foreign exchange market. Domestic equity market gains and net foreign institutional equity purchases were also identified as supporting factors.
    August 2, 2026
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    Gold smuggling detection targets sophisticated concealment methods through strengthened passenger profiling, intelligence gathering and coordinated investigations into organised networks.
    Gold smuggling detection at Kerala airports led to multiple seizures, registration of cases and arrests in alleged smuggling attempts. Organised networks reportedly use gold in paste or compound forms concealed in clothing, body cavities, aircraft seats and other unconventional locations. Enforcement measures include strengthened passenger profiling, intelligence gathering and inter-agency coordination, while investigations continue to identify associated syndicates and financiers.
    August 2, 2026
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    Offshore exploration funding supports deepwater drilling, shared infrastructure and seismic data to strengthen domestic hydrocarbon production potential.
    The Samudra Manthan National Offshore Exploration Scheme provides direct budgetary support for high-risk deepwater and ultra-deepwater exploratory drilling, subject to cost-sharing and per-well limits. Support is available to eligible operators holding or securing exploration acreage. The scheme also funds offshore data acquisition and shared subsea, receipt and processing infrastructure through a Common Hub Infrastructure model. It is intended to promote risk exploration, improve commercialisation of offshore discoveries and strengthen domestic hydrocarbon production potential within the existing exploration and licensing framework.
    August 1, 2026
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    GST compliance enforcement combines taxpayer refunds, analytics-based fraud detection, cancellation of fake registrations, and recovery of outstanding VAT arrears.
    Punjab attributed increased GST collections to voluntary compliance, intelligence-based enforcement and technology-driven tax administration, while facilitating compliant taxpayers through timely GST refunds. Data analytics, risk profiling and field verification were used to identify tax evasion, bogus billing, fake input tax credit networks and misuse of the GST registration framework. Measures included penalties, cancellation of fraudulent registrations and recovery of long-pending VAT arrears through attachment and auction of defaulters' properties.
    August 1, 2026
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    Cross-border barter trade resumes through Shipki La, subject to permitted goods, time limits, and import-export compliance requirements.
    Cross-border barter trade through Shipki La between India and Tibet resumed after a six-year interruption. Traders may exchange specified goods under a barter arrangement and must return within 72 hours. Traders are required to comply strictly with import-export regulations prescribed by the Union Ministry of Commerce, emphasising transparency and regulatory compliance. Expansion of permitted goods may be pursued through prescribed governmental and external-affairs channels.

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      Customs & Trade

      Zelenskyy has 'good meeting' with Trump at White House as he seeks more cooperation with US

      July 29, 2026

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      Washington, Jul 29 (AP) President Donald Trump and Ukrainian President Volodymyr Zelenskyy met Tuesday ahead of Senator Lindsey Graham's funeral, with the two leaders discussing ways for Ukraine to produce its own powerful weapons and “other ideas that could help” in its ongoing war against Russia.

      The sit-down in the Oval Office, which was closed to the media, followed a consequential meeting at the NATO summit earlier this month in Ankara, Turkiye, where Trump announced that the US will give Ukraine a license to make Patriot defence systems -- a long-running request from Kyiv to counter Russian missile attacks.

      Taken together, those meetings underscore how much the US president, once a major sceptic of continued assistance to Kyiv, has warmed to Zelenskyy as Ukraine continues to withstand the Russian barrage more than four years after Moscow's invasion in 2022. The Ukrainian leader, whose relationship with Trump in his second term was marked by a raucous White House visit in which he was denigrated for being ungracious, has worked to court the Republican administration while relying on both likely and unlikely allies in Trump's orbit to exert their influence with the president.

      The ongoing conflict in the Middle East, which has consumed much of the Trump administration's focus this year, has also become gradually entwined with Ukraine, with Ukraine firing on at least one Iranian vessel in the Caspian Sea over the weekend while Zelenskyy asserts that Russia has been offering satellite imagery of US bases in the Persian Gulf to Iran.

      In a post on social media after the meeting, Zelenskyy thanked Trump for the “good meeting” and the Republican administration's efforts to aid Kyiv in the long-running war. Officials also agreed that Steve Witkoff and Jared Kushner, the president's main envoys, would make a trip to Kyiv sometime in the future, according to a person familiar with the talks who was granted anonymity to discuss the closed-door meeting.

      “The President and I discussed licenses for Patriot interceptor production and several other ideas that could help,” said Zelenskyy, who also noted that he offered condolences to Trump for the death of Graham, a close ally. “We also spoke about diplomacy -- it's important that the diplomatic process be reinvigorated.” Trump on Tuesday night weighed in on his meeting with Zelenskyy, calling it a “Great Honour” to meet with him. “Many things were discussed. The meeting went very well!” he wrote on Truth Social.

      Zelenskyy wants to bolster Ukraine's defence production ------------------------------------------------------------------ Later during his whirlwind, one-day visit to Washington, Zelenskyy posted that he met with officials from Lockheed Martin for further cooperation in both defence production and exchanging of technologies, saying, “Ukraine has a lot to share with those who help us protect lives.” Later, in a meeting with senators at the Capitol, Zelenskyy again made his case for why Ukraine needs Patriot interceptors, as well as a sweeping sanctions bill to impact morale and increase pressure on Russia, according to two people with direct knowledge of the private discussion. They were granted anonymity to disclose details of a closed-door meeting.

      While Ukraine remains grateful to Trump for agreeing to issue a license to manufacture the Patriots, Zelenskyy emphasised to senators that that is a longer-term solution. This year, Zelenskyy said, Ukraine will need the US to provide missiles that Kyiv would pay for with European funds, said one of the people with knowledge of the meeting.

      Finnish President Alexander Stubb, who like Zelenskyy was in Washington for Graham's funeral, also spoke to senators, saying Ukraine retains strong support from NATO and the European Union in terms of providing and paying for weaponry, as well as imposing sanctions on Russia.

      Luke Coffey, a senior fellow at the conservative-leaning Hudson Institute, said expanding production capacity for Patriot interceptors is not only vital for Ukraine, but also for the US and its Gulf allies, particularly as supply runs low during the war in Iran.

      “Ukraine has shown that its defence industry is capable, innovative and creative,” Coffey said. “I have no doubt that when they're granted the license, they will be able to produce these missiles which will hopefully mean there will be more available for the US” Trump welcomed Zelenskyy to the White House as the Ukrainian leader travelled to Washington to honour Graham, whose final act as a public official was visiting Kyiv and securing an agreement on a package of sanctions that seek to punish countries that purchase Russian oil, gas and other exports.

      In a Fox News interview Tuesday, Trump recalled Graham's hawkishness and said the South Carolina senator's support for Ukraine never wavered. Trump said Graham had suggested it was time to make a deal with Iran but had no similar suggestion for the Russia-Ukraine war.

      “Ukraine, he's very militant about,” Trump said on “Fox & Friends." "I mean, Lindsey liked war, to be honest with you." The Trump administration's embrace of Zelenskyy also comes as Laura Loomer, a far-right activist with the US president's ear had a recent, widely publicised change of heart on Russia's war against Ukraine.

      Ukraine highlights ties between Iran and Russia ------------------------------------------------------- Ahead of the meeting, Zelenskyy also warned that Russia has been aiding Iran as the war persists by capturing satellite imagery of US bases in the Gulf region that later appear in Iran. The Ukrainian president also asserted that there was a “clear correlation” between Russia's images and subsequent Iranian strikes.

      Iran is a key ally of Russia in its war against Ukraine and has helped Moscow build up its drone expertise.

      But on Monday, Trump downplayed any impact of potential Russian assistance for Iran.

      “I don't think they've been doing it, certainly not at a high level,” Trump told reporters on Air Force One as he travelled to Michigan. “And if they have, it has been very un-impactful.” On the Caspian Sea attack, the foreign ministers of Iran and Ukraine spoke about the matter, according to statements posted on social media Tuesday. Ukrainian Foreign Minister Andrii Sybiha called the conversation “frank” and said Ukraine's focus is “solely at defending our country from Russian aggression" and not on targeting civilians.

      Iran has said at least one sailor was killed in the attack. For his part, Iranian Foreign Minister Abbas Araghchi said Iran is also not seeking escalation but “made clear any attack on our citizens or interests is unacceptable." Pro-Ukraine backers pushing to advance sanctions bill --------------------------------------------------------------- Zelenskyy had a busy itinerary during his latest visit to Washington. During his meeting at the Capitol, which was held just before a key vote on the Russia sanctions bill and after Graham's funeral, the Ukrainian leader argued that they have a window to bring Russian President Vladimir Putin to the negotiating table, according to one of the people with direct knowledge of the meeting.

      In a bipartisan 86-12 vote, the Senate took the first steps toward passage of legislation to penalise countries that continue to buy Russian oil, gas and other exports after more than a year of negotiations.

      The bill has dozens of backers from both major political parties and is seen as the main policy tribute to Graham, who died unexpectedly this month from a tear in his aorta. It imposes tariffs on goods from the world's top five purchasers of Russia oil or natural gas, including China and India.

      The legislation also includes sanctions against Putin; senior Russian political and military leaders; and Russian financial institutions and energy projects. (AP) FHK FHK

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