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    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
    Favara-UPI Cross-Border Payment Corridor Goes Live Between Maldives and India
    SC upholds NCLAT order setting aside CCI's Rs 301.6-cr penalty on Grasim Industries
    China's factory activity unexpectedly slips into contraction in July
    PM Modi to inaugurate Bhogapuram Airport on Aug 1 in Andhra Pradesh
    Rupee rises 20 paise to 95.30 against US dollar in early trade
    APEDA Facilitates First-Ever Sea Shipment of Value-Added Flavoured Makhana from Bihar to Canada
    Indian envoy meets Chinese commerce ministry official; Calls for enhanced market access
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    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
    Show AI Summary
    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.
    July 31, 2026
    Show AI Summary
    Cross-border digital payment integration enables real-time Favara transfers from Maldives mobile banking applications to UPI-enabled accounts in India.
    Cross-border digital payment integration between Favara and UPI enables individuals in the Maldives to make real-time person-to-person transfers to UPI-enabled bank accounts in India through mobile banking applications. Transfers are initiated in Maldivian Rufiyaa and credited in Indian Rupees. The initial service is available through participating Maldivian banks. Permitted remittances include family-maintenance transfers under foreign inward and outward remittance categories, and gift-related transfers under foreign outward remittance. Future phases are intended to introduce QR-based merchant payments and other digital payment services.
    July 31, 2026
    Show AI Summary
    Procedural Fair Hearing in competition inquiries requires notice when the Commission departs from investigative findings before imposing action.
    Competition law procedure requires the Competition Commission to notify and hear an opposite party when departing from the Director General's findings. The penalty order concerning alleged abuse of dominance in viscose staple fibre supply was set aside because Grasim Industries was not given an opportunity to respond to the Commission's disagreement with the investigative findings. The matter was remanded for fresh, time-bound consideration without a finding on the merits.
    July 31, 2026
    Show AI Summary
    Manufacturing contraction highlights weak domestic demand, property-sector pressure and continued reliance on technology-related exports for economic growth.
    Manufacturing activity in China contracted in July, as the official purchasing managers' index fell below the expansion threshold and new orders and production declined. Weak domestic demand, lower building activity and possible typhoon-related disruptions contributed to the slowdown. Consumer spending, investment and property-sector weakness continue to affect confidence, while technology-related exports support growth. Policy commitments include strengthening domestic consumption amid continued reliance on exports.
    July 31, 2026
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    Public-private partnership airport development strengthens aviation, cargo logistics, export infrastructure and sustainable connectivity through an integrated international airport project.
    The Bhogapuram airport project is being implemented under a Public-Private Partnership through the Design, Build, Finance, Operate and Transfer framework. It has obtained required aerodrome, safety, fire and environmental clearances and includes infrastructure for domestic and international aviation, passenger processing and airport security. Cargo and cold-chain facilities are intended to support exports and logistics integration, while recycled-water use and LEED Platinum standards form part of the project's sustainability features.
    July 31, 2026
    Show AI Summary
    Rupee appreciation against the US dollar continued as foreign inflows and lower crude prices supported domestic currency markets.
    Rupee appreciation against the US dollar continued in early trading, supported by foreign capital inflows and lower global crude oil prices. A stronger US dollar constrained further appreciation, while expectations of continued Reserve Bank of India intervention were cited as supporting the rupee. Declining Brent crude prices, gains in domestic equity indices and net foreign institutional investment in equities were also identified as relevant market factors.
    July 31, 2026
    Show AI Summary
    Value-added Makhana exports expand international market access, support quality compliance, and improve farmer returns through processing and branding.
    Agricultural export facilitation supported the first sea shipment of value-added flavoured Makhana from Bihar to Canada. Processed and packaged to international quality and food-safety standards, the export demonstrates the role of processing, value addition and export-oriented manufacturing in expanding overseas market access. The initiative is stated to improve farmer returns through value addition, while capacity building, export infrastructure, quality compliance, market linkages and stakeholder collaboration support the agri-export ecosystem.
    July 30, 2026
    Show AI Summary
    Market access for Indian pharmaceuticals remains central to bilateral efforts to promote sustainable trade and economic cooperation.
    Enhanced market access for Indian products, particularly pharmaceuticals, was raised in discussions aimed at strengthening bilateral trade and economic ties. The discussions addressed sustainable trade, and the sides agreed to increase mutual cooperation and communication. India continues to seek greater access to China's information technology, pharmaceutical and agricultural sectors, while pursuing increased pharmaceutical exports and Chinese investment. Bilateral trade increased, but India's trade deficit widened, reflecting an ongoing imbalance in trade flows.

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      Customs & Trade

      Champion Mirabai Chanu Unveils MMTC-PAMP's 'Virasat' Recycled Gold Coin to Celebrate India's 80th Year of Independence

      August 4, 2026

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      New Delhi, Delhi, India (NewsVoir)
      • India’s first commemorative 999.9+ pure recycled gold coin celebrates the nation's 80th year of Independence
      • Olympic silver medallist and three-time Commonwealth Games gold medallist Mirabai Chanu becomes the first recipient of the limited-edition MMTC-PAMP Virasat gold coin
      Marking the 80th year of India's Independence, MMTC-PAMP, India's only London Bullion Market Association (LBMA) Good Delivery gold and silver refiner, today officially launched MMTC-PAMP 'Virasat- Celebrating 80th Year of India's Independence,' a limited-edition 10g commemorative gold coin crafted entirely from 999.9+ pure recycled gold, at Taj Mansingh, New Delhi. The coin was unveiled by Champion Mirabai Chanu, Olympic silver medallist and three-time Commonwealth Games gold medallist, who also became the first recipient of the commemorative edition in recognition of her extraordinary contribution to Indian sport and her role in inspiring millions of Indians.
      Fresh from creating history by becoming the first Indian weightlifter to win three consecutive Commonwealth Games gold medals, Mirabai Chanu embodies the spirit of resilience, perseverance and excellence that has shaped India's journey over the last eight decades. By presenting the inaugural MMTC-PAMP Virasat coin to one of India's most celebrated sporting icons, MMTC-PAMP pays tribute not only to the nation's achievements but also to the individuals whose dedication continues to elevate India's standing on the global stage.


      Crafted in 10 grams of 999.9+ fine (24K) recycled gold, the coin features a premium minted finish and is presented in MMTC-PAMP's tamper-proof packaging with certified purity authentication. Limited to only 8,000 pieces, the exclusive edition coin will be available through MMTC-PAMP retail stores, authorised channel partners and the company’s website.
      Product Link: www.mmtcpamp.com/shop/gold/10-gm-gold-999-minted-coin-virasat
      Speaking on the occasion, Mr. Samit Guha, Managing Director & CEO, MMTC-PAMP said, "As India celebrates the 80th year of Independence, Virasat is our tribute to a nation that continues to inspire the world through its resilience, innovation and achievements. We are honoured to present the first MMTC-PAMP Virasat commemorative coin to Mirabai Chanu, whose remarkable journey embodies the determination and excellence that define modern India. Just as MMTC-PAMP is committed to building a more responsible and self-reliant precious metals ecosystem through sustainable practices such as gold recycling, Mirabai's relentless pursuit of excellence reflects the same spirit of commitment and dedication towards the nation. Through Virasat, we celebrate not only India's glorious past but also the people who continue to shape its future."
      The launch reflects MMTC-PAMP's commitment to responsible sourcing while supporting the Government of India's broader efforts to reduce dependence on imported gold, conserve foreign exchange, and advance the Hon'ble Prime Minister's vision of Aatmanirbhar Bharat.


      India remains one of the world's largest consumers of gold and imports over 90 per cent of its annual requirement. As demand for precious metals continues to rise, responsible recycling has emerged as a critical pillar in building a resilient and self-reliant ecosystem. By refining and reintroducing existing gold into the formal economy without compromising purity or quality, MMTC-PAMP is helping create a more sustainable supply chain while reducing dependence on imports. India's gold imports touched nearly USD 72 billion in FY2025-26, highlighting the growing importance of strengthening domestic recycling infrastructure.
      The launch of Virasat further reinforces MMTC-PAMP's long-term commitment to creating an organised ecosystem for precious metals recycling in India. The company currently operates 17 gold recycling stores across the country and continues to expand responsible recycling infrastructure to make recycling more accessible and transparent.
      The product was unveiled in the presence of Mr. Samit Guha, Managing Director & CEO, MMTC-PAMP, along with Mr. Gaurav Nijhawan, Head of Marketing, MMTC-PAMP and Mr Kashish Vasishtha, DGM – Marketing, MMTC-PAMP.
      Earlier this year, MMTC-PAMP also introduced the industry's first organised buyback programme for silver coins, bars and jewellery across select retail stores in India. The initiative enables consumers to securely sell their silver holdings through an organised channel while encouraging recycling and supporting a more circular economy for precious metals.
      As India enters its ninth decade of Independence, MMTC-PAMP Virasat- Celebrating 80th Year of India's Independence stands as a timeless tribute to the nation's remarkable past, dynamic present and sustainable future. More than a commemorative collectible, the coin celebrates the enduring values of resilience, innovation and responsibility that continue to define India's progress.
      Every MMTC-PAMP product undergoes a rigorous purification process to ensure the highest standards of purity and quality. Each product carries a unique identification number and is packaged in an Assayer-certified minted card, assuring authenticity and trust. Additionally, every product purchased from MMTC-PAMP offers positive weight tolerance, ensuring customers receive more than the stated weight and maximum value with every purchase.


      About MMTC-PAMP A joint venture between Switzerland-based bullion refinery, MKS PAMP SA, and MMTC Ltd., a Miniratna and Government of India Undertaking. MMTC-PAMP is the only LBMA-accredited gold & silver good delivery refiner in India. The company seamlessly marries Swiss excellence with Indian insights. MMTC-PAMP India Pvt. Ltd. is internationally recognized as an industry leader in bringing global standards of excellence to the Indian precious metals industry.
      MMTC-PAMP has received several awards since its inception from local and global industry bodies for Refining, Brand and Sustainability. Notably, MMTC-PAMP is India's First Precious Metals Company to have Science-based Emissions Reduction Targets Approved by SBTI. Recognized by the Asia and India Book of Records, MMTC-PAMP is acclaimed as the country’s only brand providing the purest gold and silver coins and bars with 99.99%+ (999.9+) purity levels and positive weight tolerance to consumers. Adding to its laurels, MMTC-PAMP was honoured as India’s Most Trusted Brand of the Nation at The Brand Story- Indian Brand and Leadership Conclave & Awards, 2024.


      www.mmtcpamp.com
      (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). PTI PWR

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