Punjab Assembly passes Development Tax Amendment Bill allowing lump-sum Rs 2,200 payment option instead of monthly installments
The Punjab Assembly passed the Punjab State Development Tax (Amendment) Bill, 2025, to simplify tax compliance and improve collections. The original 2018 Act requires monthly payments of Rs 200 from income taxpayers, generating Rs 190.36 crore in 2024-25. Key amendments include a lump-sum payment option of Rs 2,200 instead of monthly installments, and new sections addressing tax liabilities in cases of death, company mergers, and corporate insolvency. The Assembly also passed the Punjab Appropriation Acts (Repeal) Bill, 2025, to remove outdated laws from statute books while preserving actions taken under these expired acts.

India US bilateral trade agreement first phase targeted for completion by fall 2025
Trade negotiations between India and the US for a bilateral trade agreement are progressing rapidly, with Indian officials targeting completion of the first phase by fall 2025. The Commerce Minister confirmed that an Indian delegation has reached Washington for the next round of talks. Simultaneously, India is negotiating free trade agreements with the European Union and the UK. The Commerce Secretary noted that modern trade agreements differ from traditional pacts by incorporating services, regulatory frameworks, foreign direct investment, intellectual property rights, and digital trade principles. These comprehensive agreements include mechanisms for dispute resolution and regulatory harmonization, which officials say will facilitate global capability centers in India and provide regulatory certainty for businesses once implemented.

Supreme Court allows secretly recorded spousal conversations as evidence in matrimonial disputes
The Enforcement Directorate questioned a businessman for five hours in a money laundering case linked to a UK-based arms consultant. Air India's CEO defended pilot fitness and aircraft maintenance following a preliminary crash report that raised questions about flight operations. An astronaut returned to Earth after an 18-day mission aboard the International Space Station. The Supreme Court ruled that secretly recorded spousal conversations can be used as evidence in matrimonial disputes. A college student remained in critical condition after self-immolation over alleged sexual harassment. Punjab Assembly introduced anti-sacrilege legislation proposing life imprisonment and substantial fines for religious offenses.

President threatens severe tariffs on Russia if Ukraine war not resolved within 50 days
A US President threatened to impose severe tariffs on Russia if the Ukraine war isn't resolved within 50 days, expressing frustration with Russian leadership's stance on peace efforts. The announcement came during a meeting with NATO's Secretary-General. The President's special envoy met with Ukraine's President in Kyiv to discuss air defenses, arms production, and weapons purchases. The US confirmed sending additional Patriot missiles to Ukraine, with European Union countries financing the sophisticated weaponry. Germany offered to finance two Patriot systems and is sending its Defense Minister to Washington for discussions. A senior Republican Senator indicated weapons would flow to Ukraine at record levels.

RSS-linked publication demands removal of 'socialist' and 'secular' from Constitution's Preamble, calls them illegitimate Emergency additions
An RSS-linked weekly published an article calling for removal of the words 'socialist' and 'secular' from the Constitution's Preamble, terming them "ideological landmines" and "constitutional fraud." The author argued these terms were illegitimately added during the Emergency through the 42nd Amendment when Parliament functioned under duress. The article claimed these words contradict the nation's civilizational identity and democratic values, advocating for restoration of the original Preamble. The piece characterized secularism as discriminatory against the majority community while providing unquestioned privileges to minorities, and described socialism as a failed ideology that stifles individual enterprise and promotes bureaucratic control.

Pilots association slams preliminary crash report lacking technical details and cockpit voice transcripts
An airline pilots' association criticized a preliminary investigation report on a fatal aircraft crash that killed 260 people. The Boeing aircraft experienced dual engine shutdown 32 seconds after takeoff, crashing into a medical facility. The report indicated fuel switches were cut off within one second of takeoff, causing cockpit confusion between pilots. Multiple pilot organizations objected to the preliminary findings, claiming the report lacks vital technical explanations and cockpit voice transcripts, leading to speculation and potentially undermining crew professionalism. The pilots' body demanded a thorough, fact-driven investigation rather than premature conclusions based on incomplete data.

Businessman questioned for five hours under Prevention of Money Laundering Act over UK arms consultant links
The Enforcement Directorate questioned a businessman for five hours in a money laundering case linked to UK-based arms consultant and others. The individual, accompanied by a Congress MP, had his statement recorded under the Prevention of Money Laundering Act. He may face additional questioning as he allegedly failed to answer certain questions regarding financial links with the consultant and family members. The businessman is under investigation in three different money laundering cases, including two involving alleged land deal irregularities. The case involves allegations that the consultant acquired a London property in 2009 and renovated it as per the businessman's directions using funds he provided. The businessman denies owning any London property and claims political harassment.

Indian rupee falls 12 paise to 85.92 against dollar amid rising crude prices and foreign fund outflows
The Indian rupee depreciated 12 paise to close at 85.92 against the US dollar due to rising global crude oil prices and a strengthening dollar. Foreign fund outflows and delays in the India-US trade deal further pressured the currency. The dollar index rose 0.03 percent while Brent crude increased 1.56 percent. The Reserve Bank intervened to protect the rupee as foreign portfolio investors sold equities worth Rs 1,614.32 crore. India's forex reserves declined USD 3.049 billion to USD 699.736 billion. Wholesale price inflation turned negative at 0.13 percent in June after 19 months.

Government appoints new CEO for Life Insurance Corporation with three-year term ending August 2028
The government appointed a new managing director and CEO for the state-owned Life Insurance Corporation following cabinet approval. The appointee will serve a three-year term ending in August 2028 upon reaching age 62. The Financial Services Institutions Bureau had recommended the candidate in June. Following the previous CEO's term ending in June, an interim leader was appointed for three months until September 2025. The insurance corporation operates with four managing directors under the CEO's leadership.

Nigerian national denied bail in matrimonial website cyber fraud case involving Rs 33.73 lakh losses
A foreign national from Nigeria was denied bail by Delhi High Court in a cyber fraud case involving matrimonial website scams. The accused allegedly impersonated individuals on dating platforms, using fake profiles and digital tools to defraud victims. The case originated from a complaint where a woman was duped of Rs 55,900 by someone posing as a Canada-based doctor. Investigation revealed an organized international syndicate operating with multiple bank accounts, phones, and devices, affecting 17 victims with total losses of Rs 33.73 lakh. The court cited the sophisticated, organized nature of the operation and multiple victims as reasons for denying bail.

US President announces 30% tariffs on EU and Mexico effective August 1 amid trade tensions
The US President announced surprise 30% tariffs on the European Union and Mexico, effective August 1, following previous tariffs imposed in April with a 90-day negotiation period. European trade ministers met in Brussels expressing unity and readiness for proportionate countermeasures while remaining hopeful for negotiated solutions. The EU suspended its planned retaliatory tariffs to allow negotiations until August 1. The tariffs could affect various goods from cheese to electronics, potentially destabilizing economies. The EU is simultaneously pursuing new trade partnerships with Indonesia, Asian nations, and other regions to diversify economic relationships amid ongoing trade tensions.

India's foreign minister meets Chinese counterpart in Beijing to discuss border de-escalation and trade normalization
India's external affairs minister held talks with Chinese counterpart in Beijing, emphasizing need for de-escalation in border issues and avoiding restrictive trade measures while building on progress in normalizing bilateral ties. The minister also met with Chinese vice president, stating that continued normalization could produce mutually beneficial outcomes. Other developments include Russia planning to import one million skilled workers from India, families of British victims expressing concerns over an Air India crash report, and a mob attack on a minority community worship place in Pakistan's Punjab province injuring five policemen.

Chief Minister reviews Rs 2,595 crore India International Horticulture Market construction progress in Sonipat
A state chief minister visited the India International Horticulture Market construction site in Ganaur, Sonipat district to review development progress. The official directed authorities to expedite construction and complete the project within the stipulated timeline. The ambitious project spans 544 acres with an estimated total cost of Rs 2,595 crore, currently 45% complete. The market will feature 50 lakh square feet of covered area with 20 lakh tonnes annual handling capacity, parking for thousands of vehicles, and 30 modern buildings. The facility aims to provide national and international market access to farmers and producers across the country, with plans for 28 megawatt solar power capacity for energy self-sufficiency.

Steel tube manufacturer expands capacity to 3.77 lakh tonnes annually with new Rs 119.83 crore Odisha facility
A steel tube manufacturer commissioned a new 1.56 lakh tonnes per annum production facility in Sundargarh, Odisha, representing a Rs 119.83 crore investment. This expansion increases the company's total production capacity to 3.77 lakh tonnes annually across three manufacturing plants in Maharashtra, Telangana, and Odisha. The new facility will produce specialized products including crash barriers, high mast lighting poles, and monopoles to serve Eastern India's infrastructure and industrial demand, focusing on value-added products for higher margins.

DGCA orders airlines to inspect fuel switch systems in Boeing aircraft by July 2025 following crash investigation
Aviation regulator DGCA directed airlines to inspect fuel switch locking systems in Boeing 787 and 737 aircraft by July 21, 2025, following a preliminary crash report. The directive affects over 150 aircraft operated by domestic carriers. An investigation bureau's report revealed fuel supply to both engines was cut off within one second during a recent crash that killed 260 people, with cockpit recordings showing pilot confusion about the fuel cutoff. The Federal Aviation Administration had previously flagged potential fuel control switch disengagement issues in 2018. Airlines have begun voluntary inspections as precautionary measures, with some carriers already completing checks on their fleets.

BRS leader gets permission to travel to US despite corruption and money laundering charges under Article 21
A Delhi court permitted a BRS leader to travel to the US between August 16 and September 2. The leader, accused in corruption and money laundering cases related to the Delhi excise policy case, had sought passport release and travel permission. The special judge cited Article 21 constitutional rights to travel abroad as part of life and liberty. The court rejected prosecution arguments about flight risk, noting the accused is an MP with deep societal roots and had previously traveled without misusing liberty. The same terms and conditions from a previous May travel order were imposed. The leader was released on Supreme Court bail in August last year.

Ruling party backs Special Intensive Revision to remove alleged illegal voters from electoral rolls
The ruling party's state unit in Assam has expressed full support for the Special Intensive Revision of electoral rolls, stating it is necessary to remove illegal voters allegedly included by the opposition party. A party spokesperson claimed the process would identify foreign nationals from neighboring countries who managed to get their names included in voter lists through political patronage. The spokesperson criticized the opposition for opposing the exercise while maintaining double standards on voter identification requirements. The opposition party had previously alleged this was a conspiracy to delete opposition supporters' names before upcoming elections and questioned the election commission's neutrality.

Indian External Affairs Minister visits Beijing for first time since 2020 border clashes, emphasizes de-escalation
The Indian External Affairs Minister visited Beijing for Shanghai Cooperation Organisation talks, marking the first visit since 2020 border clashes. During discussions with Chinese counterpart, the minister emphasized need for border de-escalation and avoiding restrictive trade measures. Both nations have made progress normalizing relations after resolving military standoff in eastern Ladakh, with troop disengagement completed in October. However, approximately 50,000-60,000 troops remain deployed along the border requiring de-escalation. The minister stressed bilateral ties should be based on mutual respect and that competition should not become conflict, while advocating for zero tolerance toward terrorism at the upcoming meeting.

Income Tax Department raids 150 locations nationwide targeting fraudulent tax deduction claims worth Rs 1,045 crore
The Income Tax Department conducted large-scale verification operations across 150 locations nationwide, targeting fraudulent tax deduction claims. The investigation revealed organized rackets operated by tax return preparers and intermediaries filing returns with fictitious deductions under various sections including house rent allowance, political contributions, education loans, medical insurance, and charitable donations. These schemes involved false TDS returns to claim excessive refunds, with taxpayers lured by promises of inflated refunds for commission. Despite outreach efforts resulting in 40,000 taxpayers voluntarily withdrawing false claims worth Rs 1,045 crore, many remained non-compliant. The department warned of stern action including penalties and prosecution.