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    RBI invites public comments on Draft Guidelines for ‘on tap’ Licensing of Urban Co-operative Banks
    Pakistan-origin dry dates, routed through UAE, seized at Kandla port
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    The Taxation and Other Laws Amendment Bill 2026 - Introduced in Lok Sabha on 4th August 2026
    RBI marginally raises FY27 GDP growth projection to 6.7 pc, lowers inflation forecast
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    August 5, 2026
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    On-tap licensing for Urban Co-operative Banks enters public consultation through draft guidelines inviting stakeholder feedback.
    Draft guidelines for 'on tap' licensing of Urban Co-operative Banks have been issued for public and stakeholder consultation. Comments and feedback may be submitted until September 05, 2026, through the designated online consultation facility or by written or email submission to the specified regulatory department.
    August 5, 2026
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    Prohibition on indirect Pakistan-origin imports targets alleged origin misdeclaration and UAE routing used to circumvent trade restrictions.
    Import prohibition on goods originating in Pakistan applies to direct and indirect imports under the Foreign Trade Policy, 2023. Pakistan-origin dry dates routed through the UAE were allegedly declared as UAE-origin goods for import, and were intercepted under the Customs Act, 1962. Investigation indicated that the goods were first sent from Pakistan to Dubai, re-containerised, and then exported to India. A separate interception involved Pakistan-origin guggul resin allegedly declared as Somali natural resin and routed through Dubai.
    August 5, 2026
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    Neutral monetary policy stance keeps benchmark rates unchanged while inflation risks, liquidity management and consumer-protection reforms remain under review.
    Monetary policy maintains the benchmark policy rate unchanged and retains a neutral stance, with future decisions guided by incoming data. The central bank remains committed to aligning headline inflation with its medium-term target while monitoring food, fuel and other input-cost risks. Surplus liquidity will be managed through two-way operations, and the regulatory framework for interest rates on advances is proposed to be harmonised and standardised across regulated entities to improve transparency and consumer protection.
    August 5, 2026
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    Export-only e-commerce inventory framework enables seller exports through registered exporters while requiring traceability, timely payments and domestic-diversion controls.
    The export-only inventory framework permits eligible e-commerce entities to export through a registered Exporter-on-Record, which procures goods from Indian Sellers-on-Record against confirmed overseas orders and assumes export and destination-country compliance responsibilities. Inventory must be segregated, digitally traceable and cannot be diverted to domestic sale. The framework requires timely seller payments, visibility of overseas sales and shipment information, proportional pass-through of export rebates and refunds, annual compliance certification and digital records.
    August 5, 2026
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    Gold smuggling enforcement targets concealed foreign-origin gold, airport control evasion, and illicit railway transport under customs law.
    Gold smuggling enforcement operations under the Customs Act, 1962 involved alleged concealment and unlawful movement of foreign-origin gold. At an international airport, an alleged syndicate used an airline employee to transfer gold received from arriving passengers outside Customs and immigration controls, with gold disguised as silver-coloured bracelets. A separate railway operation concerned gold concealed in a specially made cloth waist belt and intended for delivery to a jeweller. The actions addressed concealment, evasion of Customs controls, and illicit transport of foreign-origin gold.
    August 5, 2026
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    Digital bank-record evidence gains a technology-neutral framework through expanded admissibility, certified authentication, and regulated production of bankers' books.
    The Bankers' Books Evidence Bill, 2026, modernises the evidentiary treatment of banking records by extending "bankers' books" to physical, electronic, digital, virtual and cloud-based records. It recognises electronic bank records as admissible evidence, allows production in physical or electronic form, and provides for standardised certificates authenticated by manual, digital or electronic signatures. The Bill also defines "special cause" for compelling bank officers to produce records or testify where the bank is not a party, and permits extension to specified financial-sector entities subject to conditions.
    August 5, 2026
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    Closing auction price discovery and unchanged policy rates shaped volatile equity trading amid inflation and geopolitical uncertainty.
    The Monetary Policy Committee retained the policy repo rate and neutral policy stance while seeking greater clarity on inflation risks from higher energy costs. Stock exchanges introduced the Closing Auction Session for eligible futures and options shares in the equity cash segment to determine closing prices through a more transparent and robust auction-based price-discovery mechanism. Equity markets showed volatile, limited gains amid geopolitical uncertainty, energy-price concerns, profit booking and the new mechanism's introduction.
    August 5, 2026
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    Pakistan-origin import prohibition covers third-country routing, false origin declarations, forged documents, and trans-shipment arrangements used to evade restrictions.
    The prohibition on direct or indirect import or transit of goods originating in or exported from Pakistan extends to goods routed through third countries and falsely declared as having another origin. Misdeclaration of country of origin, false descriptions, forged documentation, and trans-shipment arrangements may contravene that prohibition and invite action under the Customs Act, 1962. Dry dates declared as UAE-origin and Guggul resin declared as Somalia-origin were investigated as goods of Pakistan origin routed through Dubai.
    August 5, 2026
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    Foreign exchange stability measures support the rupee as policy continuity, capital inflows and global risk sentiment shape currency expectations.
    Foreign exchange market movement reflected a rupee appreciation against the US dollar following the monetary policy decision to retain the repo rate and neutral stance. Market sentiment was supported by softer crude oil prices, weakness in the US dollar, lower US Treasury yields and foreign equity inflows. The monetary policy framework sought to support capital inflows and maintain an orderly rupee trajectory, with geopolitical developments and US economic data remaining relevant to near-term exchange-rate expectations.
    August 5, 2026
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    Money-laundering investigation examines alleged proceeds from chit fund operations following searches linked to a former company managing director.
    A money-laundering investigation concerns alleged proceeds of crime arising from a multi-state chit fund operation associated with Welfare Building and Estates Pvt Ltd. The company is alleged to have collected investor deposits through investment schemes promising high returns before defaulting. Searches at premises linked to its former managing director form part of the inquiry into alleged laundering. The underlying alleged fraud had previously resulted in a CBI case and multiple police FIRs.
    August 5, 2026
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    Political restraint in public communications was urged, alongside adherence to principal-speaker protocol during press conferences and media interactions.
    Political restraint in public communications was urged after a social-media remark directed at Sunetra Pawar was criticised as ideologically irresponsible. It was stated that regret alone was insufficient and that leaders should exercise care in public comments. Press-conference protocol was also emphasised: the principal dignitary should respond to media questions, and those seated alongside should not participate in the interaction. Party colleagues were expected to act more responsibly in future media engagements.
    August 5, 2026
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    Neutral monetary policy stance continues as inflation clarity is awaited, alongside cooperative banking and lending-rate transparency measures.
    Monetary policy maintained the benchmark policy repo rate and a neutral stance pending clearer evidence that energy-cost pressures will generate broad-based inflation. Inflation is expected to rise temporarily due principally to food and fuel prices before moderating, while core inflation remains benign. The approach remains data-dependent, supported by two-way liquidity operations. Proposed measures include resuming urban cooperative bank licensing, revising rural cooperative bank credit-monitoring directions, and harmonising interest-rate regulation on advances across regulated entities to improve transparency and consumer protection.
    August 5, 2026
    Show AI Summary
    Repo rate stability preserves the policy stance amid lower inflation projections, stronger growth expectations and external-sector resilience.
    Monetary policy maintained the repo rate at 5.25 per cent following a unanimous policy committee decision. The growth forecast for FY27 was marginally increased, while the inflation projection was lowered. Inflation conditions remain uncertain because of monsoon, El Nino and geopolitical developments. Liquidity remained in surplus, and external-sector indicators reflected a current-account surplus, buoyant foreign direct investment inflows, renewed foreign portfolio investment inflows, and adequate foreign-exchange reserves.
    August 5, 2026
    Show AI Summary
    Polymer currency notes target improved durability as monetary policy remains data-dependent and rupee management pursues an orderly trajectory.
    Polymer currency notes are targeted for circulation at the beginning of the next financial year, subject to implementation proceeding as planned. They are intended to improve durability, especially for lower-denomination notes with high circulation velocity. Monetary policy decisions will remain data-dependent and focused on aligning headline inflation with its medium-term target. Foreign Currency Non-Resident (Bank) scheme inflows are expected to remain healthy until closure, with no proposal for premature termination. Rupee management aims to maintain an orderly exchange-rate trajectory.
    August 5, 2026
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    Customs anti-smuggling enforcement targets gold concealed as silver-coated armlets following passenger profiling and personal search at airport.
    Customs officers intercepted two passengers arriving from Istanbul after Advance Passenger Information System profiling and their activation of the Door Frame Metal Detector. A personal search recovered approximately one kilogram of gold, silver-coated and concealed as traditional armlets worn on the upper arms. The gold was seized under the Customs Act, a smuggling case was registered, and investigation was initiated into the source and any wider smuggling network.
    August 5, 2026
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    Closing auction price discovery for eligible derivatives shares begins as monetary policy retains the repo rate and neutral stance.
    The Reserve Bank retained the repo rate with a neutral stance amid uncertainty over energy prices and supply disruptions. Stock exchanges introduced the Closing Auction Session in the equity cash segment for eligible shares with futures and options contracts. This auction-based mechanism determines closing prices of eligible stocks and aims to make price discovery more transparent and robust.
    August 5, 2026
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    Services-sector growth slowed as weaker demand, competition and postponed orders moderated business activity, while employment improved modestly.
    Services-sector growth slowed as domestic and export orders moderated amid weaker demand, competitive pressures, softer market conditions and postponed orders. Output continued to expand, but at its weakest pace in more than four years. Employment growth improved modestly, while input costs rose and firms increased selling prices. Business confidence remained positive but declined, and the composite output indicator weakened due principally to the sharp slowdown in services activity.
    August 5, 2026
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    Interim bail conditions require residence outside the state and trial attendance in alleged manpower commission corruption proceedings.
    Interim bail was granted to Anwar Dhebar in a matter involving alleged corruption and an illegal commission mechanism linked to a state marketing corporation. Conditions require him to remain outside Chhattisgarh, attend the trial court, and provide his residential address. The allegations concern manpower supply agencies allegedly being compelled to pay commissions for clearance of legitimate bills, with proceeds routed through intermediaries. The case was registered under the Indian Penal Code and the Prevention of Corruption Act.
    August 5, 2026
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    Tax certainty measures revise fund-management safe harbours, electronic-payment charges, sectoral exemptions, business-trust treatment, and excess expenditure appropriation.
    The Taxation and Other Laws (Amendment) Bill, 2026 proposes to replace the Income-tax (Amendment) Ordinance, 2026 and amend payment-system and tax laws. It would prohibit charges on notified electronic payments, revise safe-harbour conditions for eligible investment funds and fund managers, and expand tax exemptions for Government securities, qualifying rough-diamond sales and bonded-warehouse component storage. It also modifies exemptions concerning electronic-goods contract manufacturing, data centres and business-trust dividends, while imposing a differentiated surcharge on qualifying special purpose vehicles. A separately included appropriation bill authorises excess expenditure from the Consolidated Fund of India.
    August 5, 2026
    Show AI Summary
    Growth and inflation projections reflect resilient domestic activity while energy volatility, supply disruptions, and food prices sustain inflation risks.
    Monetary policy projections for fiscal 2026-27 revise real GDP growth upward to 6.7 per cent and Consumer Price Index inflation downward to 5 per cent. Domestic activity is described as resilient amid global uncertainty, but inflationary risks persist from rainfall disruption, energy-price volatility, supply-chain uncertainty, and second-round effects of higher food, fuel and input costs. Core inflation is projected at 4.3 per cent for the fiscal year.

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      Customs, DGFT & SEZ

      Summary: Highlights of Railway Budget – 2009-2010

      July 3, 2009

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      Ø       NO INCREASE IN PASSENGER FARE AND FREIGHT TARIFF

      Ø       BUDGET TO HAVE INCLUSIVE GROWTH AND EXPANSION OF RAILWAY NETWORK TO EVERY CORNER OF THE COUNTRY

      Ø       PLAN OUTLAY OF RS.40,745 CR. PROPOSED FOR 2009-2010,

      Ø       PASSENGER AMENITIES GET HIGH PRIORITY, TO GET 119% INCREASE

      Ø       TRAFFIC RECEIPTS DURING 2008-09 INCREASE BY 11.4 % WHILE FREIGHT LOADING GREW @ 5%

      Ø       SPECIAL TRAINS FOR PERISHABLE FARM PRODUCE, FACILITIES FOR TRANSPORTATION OF RURAL CRAFT

      Ø       WORKS FOR 7 NEW LINES,  GAUGE CONVERSION OF 17 LINES AND DOUBLING OF 13 LINES TO BE TAKEN UP

      Ø       FASTER PARCEL SERVICES PROPOSED ON THREE ROUTS

      Ø       TATKAL SCHEME TO BE MADE PASSENGER FRIENDLY

      Ø       RAILWAY TICKETS TO BE MADE AVAILABLE THROUGH POST OFFICES AND 'MUSHKIL AASAAN'  MOBILE VANS

      Ø       CONCESSION FOR PRESS PERSONS INCREASED TO 50%

      Ø       MONTHLY TICKET OF RS. 25/- FOR UNORGANIZED SECTOR/POOR UNDER 'IZZAT' SCHEME

      Ø       "ONLY LADIES' EMU TRAINS AT DELHI, KOLKATA AND CHENNAI

      Ø       'YUVA TRAINS' FROM RURAL HINTERLAND TO METROS AT CONCESSIONAL FARE

      Ø       12 NEW POINT-TO-POINT 'DURANTO' TRAINS

      Ø       57 NEW TRAINS, EXTENSION OF 27 TRAINS AND INCREASE IN FREQUENCY OF 13 TRAINS AND AIR-CONDITIONED DOUBLE-DECKER TRAINS PROPOSED

      Ø       50 STATIONS TO BE UPGRADED TO WORLD CLASS STATIONS

      Ø       LONG DISTANCE TRAINS TO HAVE ON-BOARD DOCTORS AND INFOTAINMENT SERVICES

      Ø       HANDICAPPED AND AGED PERSONS TO HAVE MORE AMENITIES

      Ø       SPECIAL TRAINS TO FERRY PERISHABLE AGRO PRODUCTS AND RURAL HANDICRAFTS

      Ø       SPECIAL FUND FOR THE DEVELOPMENT OF NORTH EAST RAILWAY

      Ø       QUAZIGUND-ANANTNAG LINE TO BE COMPLETED BY NEXT MONTH

      Ø       6560 RAILWAY STAFF QUARTERS TO BE CONSTRUCTED AND GROUP 'D' EMPLOYEES TO GET SCHOLARSHIPS FOR THEIR GIRL CHILD

      Ø       RAILWAYS TO COME OUT WITH WHILE PAPER ON FINANCIAL STATUS AND VISION-2020 DOCUMENT

      Presenting the Railway Budget for 2009-10 in Parliament today, Minister of Railways Kumari Mamata Banerjee announced  that there will be no increase in passenger fare and freight tariff. She said that the budget will have approach for 'inclusive growth' and expansion of rail network to take development to every corner of the country.

      Presenting the railway budget she proposed an outlay of Rs,.40,745 cr. for 2009-10.  Out of this, Rs.2,921 cr. will be spent on new lines, Rs.1,750 cr. on gauge conversion and Rs.1,102 cr. on passenger amenities, which is 119% more than the allocation in the interim budget.  Rs.424 cr. will also be spent on railway staff amenities. She proposed freight loading target of 882 MT and estimated gross freight receipt at Rs.88,419 cr.

      Giving an overview of financial performance of the Railways in  2008-09, the Minister informed that freight loading during the period grew by 5 percent while traffic receipt increased by 11.4 per cent to reach Rs. 79,862 cr.

      The Budget has proposals for 7 new lines, Gauge conversion of 17 lines and doubling of 13  railway lines. In addition, proposals for 53 new lines, 3 gauge conversion and doubling of 12 lines will be processed during the year.   

      Proposing revision in Tatkal Scheme to make it more passenger friendly, the Railway Minister  said that both the advance booking  time and  minimum charge will be reduced. She said perceptible improvement will be ensured in passenger amenities and safety and security will be given utmost importance.  Cleanliness and quality of railway catering will be improved with focus on strict monitoring. She proposed that ticketing facilities will be taken to the grassroot level. Under the  'Maa Mati Manush' initiative, computerized  tickets will  also be made available through Post Offices. Mobile ticketing vans,   'Mushkil Aasaan',  will also be introduced to provide services in remote areas.

      Timely track renewal, modernization of signals and use of digital ultrasonic flaw detectors will be introduced for the safety of the passengers besides Integrated Security Scheme at 140  vulnerable and sensitive stations. Women RPF Squads, exclusively for women passengers, will also be introduced.    

      Kumari Mamata Banerjee announced a new scheme "Izzat" for travel with dignity. Under this scheme the people in unorganized sector with monthly income upto Rs.1,500/- can avail concessional monthly season ticket  of Rs.25/- for travel upto 100 k.m.

       The existing student concession is  to be extended to   students of Madrasas and  students in Kolkata will now have the  MST facilities for  Kolkata Metro also.   

      To provide  relief to women passengers the Minister proposed 'only ladies' EMU trains in Delhi, Chennai and Kolkata suburban during rush hours. She also announced new 'Yuva trains' dedicated to young generation  from rural hinterland to major metros  with  concessional rail fare but with air-conditioned facilities. 

      Now the Press persons will get increased concession of  50% instead of existing 30% . Once in a year their spouse can also travel with 50% concession. 

      The Railway Minister announced 12 new point to point, non-stop 'Duronto' trains, 57 new train services, extension of 27 trains and increase in frequency of 13 trains.   The Minister also proposed introduction of Air-conditioned double decker coaches for inter-city travel.

      Fifty stations will be developed  as world class stations and 375 stations as 'Adarsh Stations' with improved basic amenties.  Multi functional complexes with shopping facilities, food stalls, budget hotels  are to be constructed at 50 railway stations, which  serve as  centres of pilgrimage, tourist and industry.

      The Minister announced  extensive availability of 'Janata Khana', in which national and regional cuisines will be ensured. To improve the cleanliness, the onboard  house keeping scheme (OBHS) will cover 200 additional pairs of trains. The long distance trains will have onboard availability of doctors and infotainment services. She also proposed 1000 new passenger reservation  locations and  expansion of Unreserved Ticketing System terminal  from 5000 to 8000, In addition,  automated ticket vending machines will be installed at 200 large and medium size stations.

      Stressing on the extension of facilities for handicapped persons, the Railway Minister  said that the Railway will have more ramps, lifts, escalators and special coaches for physically challenged and aged persons.. 

                  Reiterating her priority to extend railway services to farmers, she announced special trains to ferry perishable agro products like fruits, vegetables and also village handicrafts, cottage industry and textile products from production clusters to consumer clusters. She also proposed premium freight service for container movement with assured transit time and a mega logistic hub alongside eastern and western dedicated freight corridors. Premium parcel services with guaranteed transit time on pilot basis will be introduced on three routes. During 2009-10, Railway would acquire 18,000 new wagons against 11,000 in 2008-09.

                  The Minister  announced creation of North-East Rail Development Fund for timely completion of national projects in the North Eastern region and said Quazigund-Anantnag new line in Kashmir will be completed by next month. She also proposed setting up of a new factory at Kanchrapara-Halisahar for manufacturing rail coaches and setting up 1000 MW power plant at Adra, in collaboration with Ministry of Power.

      The Railway Minister said that welfare of railway staff will be given high priority. 6560 staff quarters will be constructed in 2009-10 and indoor stadia will be developed in major railway divisions and zones. Increased contribution of Rs.350 per employees to Staff Benefit Fund will  continue for a year, with Rs.100 per employee for women empowerment.  Scholarships will be introduced for the higher education of girl children of  Group 'D' staff. She proposed attached medical colleges with railway hospitals at 18 locations and one burn unit at major hospitals. The Minister said the policy on Railway Recruitment Boards will be reviewed. Special recruitment drives for filling vacancies of SC and ST and physically handicapped will also be undertaken.

                  Emphasizing on review of projects with social perspective, Kumari Mamata Banerjee said,  innovative financing will be adopted. The Railways will come out with White Paper on organizational, operational and financial status based on the last five years' performance and develop Vision-2020 with short and long term strategy and plan of action. She said that a  project monitoring committee will be set up for developing mechanism to avoid slippage in project delivery. Special monitoring will be taken up for all National Rail Projects. She also proposed an expert committee headed by Shri Sam Pitroda to suggest innovations to utilize optic fibre cable network of Railways and take information technology to remote areas. 

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