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    RBI says USD 40.82 bn mobilised under forex swap facility till Jul 31
    Sebi bars ZEEL for 2 months, Subhash Chandra, Punit Goenka for 1 year in Hyderabad land pledge case
    Department of Commerce Holds Workshop on Trade and Sustainable Development Policy Landscape
    GeM Launches 10-Day Celebrations Ahead of 10th Foundation Day, Unveils Commemorative Logo
    All Indian exports of dual-use items comply with international obligations: MEA
    PM Modi to inaugurate Bhogapuram Airport in Andhra on Aug 1
    HIGHLIGHTS
    Closely monitoring: India on US bill seeking up to 100 % tariffs on purchasers of Russian oil
    Delhi HC seeks ED stand on Nayan Raheja's plea against money laundering case
    Rupee appreciates 7 paise to close at 95.43 against US dollar
    PM Modi, UK PM Burnham commit to harnessing full potential of mega trade deal
    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
    Punjab extends deadline of one-time scheme for settling tax dues of pre-GST period till Sept 30
    PM Modi speaks to UK counterpart Burnham
    Bank credit to industry records robust growth of 19.2 pc in June: RBI data
    Delhi protesters' fingerprints collected from stones for identification via Aadhaar: BJP minister
    Cabinet approves Rs 84,084-cr offshore exploration scheme; govt to fund up to Rs 650 cr per well
    India's forex reserves jump USD 6.12 bn to USD 682.35 bn
    Jharkhand signs pact with CSC eStore to make SHG products made by women available online
    APEDA Facilitates First-Ever Air Shipment of Karnataka's Neelam and Totapuri Mangoes to the Maldives
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    August 1, 2026
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    Concessional foreign-exchange swaps encourage bank deposits and foreign borrowings to strengthen balance-of-payments resilience and foreign-exchange liquidity.
    The Reserve Bank of India introduced a concessional foreign-exchange swap facility to encourage foreign-currency inflows, strengthen the balance of payments and support foreign-exchange liquidity. The facility applies to fresh Foreign Currency Non-Resident (Bank) deposits, Overseas Foreign Currency Borrowings and External Commercial Borrowings. Foreign Currency Non-Resident (Bank) deposits constitute the principal source of inflows mobilised under the arrangement. The facility is available for specified time-bound periods, with a later availability period for Overseas Foreign Currency Borrowings and External Commercial Borrowings.
    August 1, 2026
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    Unauthorised pledge of listed-company land triggered securities-market bars for disclosure failures and misuse of management authority.
    Unauthorised pledge of ZEEL's Hyderabad land as security for loans obtained by promoter-linked entities was treated as a related-party transaction lacking prior audit committee approval. ZEEL failed to disclose the land's deployment in its financial statements. Its Chairman Emeritus was stated to have transferred title deeds by falsely representing management approval and to have concealed the transaction's nature. Securities-market prohibitions and monetary penalties were imposed with immediate effect.
    August 1, 2026
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    Trade and sustainable development policy integrates carbon regulation, sustainability standards and domestic frameworks to strengthen trade competitiveness and preparedness.
    Trade and Sustainable Development policy was examined in relation to international trade disciplines, sustainability regulation and India's trade strategy. Discussions considered carbon markets, carbon pricing, carbon border adjustment measures, sustainability standards and regulatory cooperation, and their implications for trade and industrial competitiveness. Domestic mechanisms, including the Carbon Credit Trading Scheme, Indian Carbon Market, Extended Producer Responsibility framework, and accreditation and conformity assessment systems, were considered for strengthening preparedness for emerging sustainability-related trade disciplines.
    August 1, 2026
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    Digital public procurement engagement begins with stakeholder events promoting transparent, efficient and inclusive marketplace governance.
    Government e-Marketplace launched ten-day celebrations preceding its tenth Foundation Day, including a commemorative logo, stakeholder events and recognition of employees, buyers and sellers. The programme begins a year-long nationwide outreach initiative bringing together buyers, sellers, policymakers, industry representatives and ecosystem partners through events, dialogues and collaborative platforms. Its stated focus is technology-enabled, transparent, efficient and inclusive public procurement.
    July 31, 2026
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    Strategic trade controls require dual-use exports to comply with national law and international obligations amid arms-transfer allegations.
    Strategic trade controls governing dual-use exports require Indian exports of dual-use items and technologies to comply with national law and India's international obligations. The stated framework applies to exports to various countries. In response to allegations concerning supplies to Israel, the position notes calls for an arms embargo covering direct or indirect transfers of arms and military material, including weapons, ammunition, parts and components, without determining the underlying allegations.
    July 31, 2026
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    Greenfield airport development under a public-private partnership advances licensed international passenger, cargo, logistics, and sustainable infrastructure.
    A greenfield international airport is being developed under a Public-Private Partnership and Design, Build, Finance, Operate and Transfer framework, with airport, aviation-hub, education and supporting infrastructure components. The airport has obtained an aerodrome licence and required safety, fire and environmental clearances. Passenger, airfield and terminal systems are designed for domestic and international operations. A cargo terminal with cold-chain facilities and integration with port, industrial-corridor and logistics networks are intended to strengthen exports and air-cargo logistics. Recycled-water use and LEED Platinum development standards form part of its environmental measures.
    July 31, 2026
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    Regulatory and legal developments cover trade measures, legislative action, offshore exploration support, court directions and platform algorithm scrutiny.
    The compilation reports proposed United States tariff measures concerning purchasers of Russian oil and gas, India-United Kingdom trade engagement, extension of farmer-support measures, and approval of offshore exploration support. It also covers passage of the Registration of Births and Deaths (Amendment) Bill, 2026, a privilege-motion notice, a criminal sentencing, and directions to appoint a nodal officer for families affected by the Russia-Ukraine war. Regulatory items include industrial credit data and examination of social-media algorithms, bias and public-order implications.
    July 31, 2026
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    Russian oil purchases may trigger proposed targeted tariffs, with periodic reassessment based on countries' purchasing behaviour.
    Proposed United States measures would authorise sanctions against Russia and persons supporting its war in Ukraine, while permitting targeted tariffs on imports from countries purchasing substantial volumes of Russian oil or gas or facilitating sanctions evasion. The framework identifies major purchasers and shadow-fleet facilitators for possible additional tariffs and provides for periodic reassessment and tariff adjustments based on purchasing behaviour. India stated that its energy-security policy rests on national priorities and diversified energy sources.
    July 31, 2026
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    Money-laundering proceedings face challenge over absent predicate offence, alleged lack of criminal intent, and treatment of related FIRs.
    Money-laundering proceedings linked to alleged diversion of homebuyer funds are challenged on the ground that no scheduled offence or criminal intent is attributable to the petitioner. The petitioner relies on his asserted exoneration in two predicate FIRs, where charge sheets did not name him, and settlement of the remaining FIR. Notice was issued for a response and status report, and the petitioner undertook to cooperate with the investigation.
    July 31, 2026
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    Rupee appreciation reflected foreign capital inflows and central bank support, tempered by crude prices and geopolitical tensions.
    Rupee appreciation against the US dollar was linked to sustained foreign capital inflows and Reserve Bank support through dollar selling. Higher crude oil prices, a stronger US dollar and geopolitical tensions in West Asia constrained further gains. A slightly positive near-term rupee bias was associated with softer dollar conditions, dovish US monetary expectations, favourable global markets and improved foreign inflows, while geopolitical risks remained relevant. Domestic equity indices rose, foreign-exchange reserves increased, and fiscal-deficit data showed the central government's position against its full-year target.
    July 31, 2026
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    India-UK trade agreement enables duty-free access and bilateral cooperation on investment, technology, and strategic partnership.
    The India-UK Comprehensive Economic and Trade Agreement provides zero-duty market access in the UK for nearly 99 per cent of India's exports and is intended to expand bilateral trade and investment opportunities. The governments committed to maximise its benefits through the Comprehensive Strategic Partnership, including cooperation on technology, innovation, security, clean energy, education and people-to-people links. Advanced technology collaboration, including artificial intelligence, is also contemplated.
    July 31, 2026
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    Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
    Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
    July 31, 2026
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    One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
    The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
    July 31, 2026
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    Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
    The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
    July 31, 2026
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    Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
    Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.
    July 31, 2026
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    Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
    Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
    July 31, 2026
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    Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
    The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.
    July 31, 2026
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    Foreign exchange reserves increased as foreign currency assets and gold holdings rose, alongside measures to attract forex inflows.
    India's foreign exchange reserves increased during the reporting week, principally because foreign currency assets and gold reserves rose. Foreign currency assets, expressed in United States dollar terms, include valuation effects from movements in currencies such as the euro, pound and yen. Special Drawing Rights and the reserve position with the International Monetary Fund declined. Measures including the FCNR(B) measure were reported as efforts to attract foreign-exchange inflows following rupee pressure and dollar-sales intervention.
    July 31, 2026
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    Digital marketplace access for women's self-help group products expands e-commerce opportunities while panchayat-level citizen services are strengthened.
    Digital marketplace access for women's self-help group products is proposed through a memorandum of understanding between CSC eStore and the Jharkhand State Livelihood Promotion Society. Products marketed under the 'Palash' and 'Adiva' brands are intended to be offered through an e-commerce network to widen market access, support rural women's income and entrepreneurship, and strengthen the rural economy. Digital panchayat services are also being expanded through Common Service Centres, including banking, e-governance and Aadhaar-related services.
    July 31, 2026
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    Agricultural export facilitation expands market access for late-season mangoes through farmer aggregation and direct global market linkages.
    Agricultural export facilitation enabled an air shipment of late-season Neelam and Totapuri mangoes to an international market, expanding market access and extending the mango export season. Direct sourcing through a Farmer Producer Company supported organised aggregation, quality produce, and export-oriented supply chains. Direct procurement and export market linkages enabled participating farmers to realise higher returns than conventional market channels while promoting horticultural export diversification.

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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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