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RBI keeps policy rate unchanged for third time in row in FY27 amid West Asia crisis

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RBI keeps policy rate unchanged for third time in row in FY27 amid West Asia crisis

Mumbai, Aug 05: In an expected move, the Reserve Bank of India on Wednesday kept key interest rates unchanged for the third time in a row this financial year as it weighed the impact of uncertain energy prices and supply disruptions caused by the ongoing West Asia crisis.

Announcing the third bi-monthly monetary policy for the current fiscal, RBI Governor Sanjay Malhotra said the Monetary Policy Committee (MPC) has unanimously decided to retain short-term lending rate or repo rate at 5.25 per cent with a neutral stance.

The interest rate pause comes even as the Consumer Price Index (CPI) based headline retail inflation has crossed the RBI’s medium-term target of 4 per cent at 4.38 per cent in June.

However, RBI marginally raised the growth forecast to 6.7 per cent while lowering inflation projection to 5 per cent for the current fiscal.

Additionally, the rupee has been depreciating continuously since the beginning of this year. The rupee has been hovering between 95 and 96 against the dollar.

Once considered among Asia’s more stable currencies, the rupee has now become one of the worst-performing emerging market currencies this year, pressured by a mix of expensive oil, capital outflows, widening trade deficits and a surging US dollar.

It has depreciated about 7 per cent so far in 2026 and is down roughly 6 per cent since the outbreak of the Iran conflict in late February.

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Tight security in Srinagar for anniversary of abrogation of Article 370

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Tight security in Srinagar for anniversary of abrogation of Article 370

Srinagar, Aug 05: Tight security arrangements were put in place in Srinagar city — the summer capital of Jammu and Kashmir — on Wednesday to thwart protests by political parties on the seventh anniversary of the abrogation of Article 370, officials said.

The National Conference (NC) and the People’s Democratic Party (PDP) have called for protests to mark the day when, in 2019, the Centre abrogated Article 370 of the Constitution that gave a special position to the erstwhile state of Jammu and Kashmir.

The officials said a heavy deployment of security forces has been made in the city, especially around the Lal Chowk City centre.

They said as a precautionary measure, roads leading to the NC as well as the PDP headquarters here have been sealed.

Both the NC and the PDP have called for protests to mark the day.

PDP chief and former chief minister Mehbooba Mufti on Tuesday night led her party’s candle light vigil and a sit in outside the party headquarters to protest the Centre’s decision.

She called for restoration of J-K’s special status.

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Iran, Oman working on plan to reopen Strait of Hormuz

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Iran, Oman working on plan to reopen Strait of Hormuz

Cairo, Aug 05: Iran and Oman are inching toward a deal to reopen the disputed Strait of Hormuz and potentially help bring an end to the war.

The emerging agreement calls for ships to enter the Persian Gulf through an Iranian-controlled route and exit through a route controlled by Oman, two regional officials told The Associated Press.

Any deal, though, appears contingent on the United States lifting its blockade on Iran’s ports. The Trump administration has previously ruled out any deal that would give Iran control over the strait.

Elsewhere, a mass funeral was held in Gaza City for more than 100 people killed in an Israeli strike early in the conflict. A memorial service was also held in Beirut, for victims of a 2020 port explosion, and Yemen’s Houthis claimed they fired at a Saudi Arabian airport.

Here is a look at the most important developments in the Middle East on Tuesday:

US officials suggest strait deal imminent

Senior US officials struck an optimistic tone on Tuesday, suggesting a deal to reopen the strait could be reached soon.

Secretary of State Marco Rubio confirmed there has been progress made in talks between Iran and Oman, “but not finality yet”.

Treasury Secretary Scott Bessent told CNBC that “there is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalised position in this conflict”.

The Strait of Hormuz is the crucial waterway at the mouth of the Persian Gulf through which a fifth of the world’s oil and natural gas passed before the war. It has been effectively shut by Iran’s attacks on shipping since the start of the war in February.

Qatar’s emir, Sheikh Tamim bin Hamad Al Thani, said he also spoke to US President Donald Trump on Tuesday as the Arab country tries to broker a resolution to the war.

Al Thani’s office said in a statement that on the phone call, the two discussed ways to bridge the divide “in a way that enhances the prospects of reaching a sustainable diplomatic settlement to the crisis”.

Ships attacked in Strait of Hormuz and in Red Sea

A cargo ship reported being “hit by an unknown projectile” while traversing the Strait of Hormuz, according to the United Kingdom Maritime Trade Operations Centre.

The centre said the reported strike damaged the vessel at around 2 am local time while it was about 37 kilometres (23 miles) northeast of Al Khasab, a port city in Oman.

It is unclear what flag the ship was sailing under or whether it was carrying cargo, but the British maritime security firm Ambrey said the ship sustained damage.

On the Red Sea, meanwhile, an Indian-flagged commercial ship sank off Yemen after being struck by an explosive-laden boat, Yemeni and Indian authorities said.

Yemen’s coast guard rescued the crew, which included 13 Indians and a Yemeni.

India’s Foreign Ministry condemned the attack, though no one immediately claimed responsibility. Iran-backed Houthi militants have repeatedly struck ships traversing the Red Sea near Yemen.

Gaza residents killed in 2023 airstrike laid to rest

Hundreds of people gathered on Tuesday as bodies wrapped in Palestinian flags were laid in rows near flattened buildings in Gaza City.

The 112 victims were then carried off on stretchers through a narrow street, destined for burial in a nearby cemetery. They were among more than 300 killed during an attack on November 22, 2023, in the city’s Sabra neighbourhood.

First responders recovered the bodies, including 40 children and 30 women, over the weekend, according to the Civil Defence, a rescue agency operated under Gaza’s Hamas-run Interior Ministry.

The Gaza war began on October 7, 2023, when Hamas-led militants attacked southern Israel, killing around 1,200 people and taking 251 hostage.

Israel’s military offensive in Gaza has since killed 73,375 people, including civilians and combatants, according to Gaza’s Health Ministry.

Around 7,400 people are still missing and presumed buried under the rubble from the war, according to Zaher al-Waheidi, head of the Gaza Health Ministry’s records department.

Israel discusses withdrawal from Lebanon

Israeli and Lebanese officials met in Rome on Tuesday to continue talks on implementing a US-mediated deal to drawdown the Israeli military from southern Lebanon and disarm the Iran-backed Hezbollah militant group.

A diplomat familiar with the negotiations said Lebanon had asked for the next “pilot zone” — where Israeli forces would withdraw and the Lebanese army would take control — to be either in the town of Khiam or Bint Jbeil. Both areas saw heavy fighting in the latest Israel-Hezbollah war and are currently occupied by Israeli forces.

But US Ambassador to Lebanon Michel Issa suggested ahead of the three-day talks that no new pilot zones would be immediately implemented, saying that “moving too quickly risks jeopardizing the very civilians this process is meant to protect”.

Implementation of the June 26 agreement began last month with an initial pilot zone in an area that was not occupied by Israeli forces but had previously sustained Israeli fire.

Yemen’s Houthis fire at airport in Saudi Arabia

In Yemen, Brig. Gen. Yahya Saree, a military spokesman for the Iranian-backed Houthi rebels, said a drone hit a “sensitive target” at the airport in the southwestern city of Najran, without providing evidence.

He said the attack was in response to what he described as Saudi breaching of Yemen’s airspace over the provinces of Saada and Hajjah. There was no immediate comment from Saudi Arabia.

The Houthis recently announced a blockade on Saudi-linked shipping passing through the Bab el-Mandeb Strait that leads to the Red Sea.

Saudi Arabia led an international coalition and imposed an air and sea blockade against the rebels after they seized the capital, Sanaa, and much of northern Yemen in a civil war that began in 2014. Major fighting ended in a truce in 2022.

Memorial marks Beirut port explosion anniversary

Families of the more than 200 people killed in the massive explosion at the port in Beirut in 2020 gathered at the blast site to mark six years since tons of improperly-stored ammonium nitrate exploded, devastating large parts of the Lebanese capital.

No one has been convicted in a long-stalled judicial investigation into the incident, but some families expressed renewed hope after government officials promised indictments would be issued by the end of the year.

The tragedy has been overshadowed by recent events, including two wars between Israel and the Hezbollah militant group and an Israeli military occupation of much of the country’s south.

Greater Kashmir

NMC proposes scrapping State/UT approval for new medical colleges

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NMC proposes scrapping State/UT approval for new medical colleges

The National Medical Commission (NMC) has proposed doing away with the requirement of obtaining an Essentiality Certificate from the State government for establishing new medical colleges.

This marks a significant ease in the approval process, paving way for expansion of medical education avenues across the country.

The proposal is part of the draft Establishment of New Medical Institutions Assessment & Rating (Amendment) Regulations, 2026. It seeks to amend the Establishment of New Medical Institutions, Starting of New Medical Courses, Increase of Seats for Existing Courses and Assessment and Rating Regulations, 2023.

Under the existing 2023 regulations, applicants are required to submit an Essentiality Certificate (EC) issued by the concerned State government or Union Territory administration. In addition, a Consent of Affiliation (CoA) from a recognised university and several other documents were also required under existing regulations. The draft amendment proposes to delete the clause, affecting removing the requirement for the Essentiality Certificate.

The applicants, however, will continue to require a Consent of Affiliation (CoA) from a recognised university. The amended provision specifies that the CoA must be issued in the name of the applicant or the medical college. Consent must be issued in writing.

The Commission has also proposed deleting Clause 9(c) that makes documentary proof of the establishment of a corpus fund dedicated to the functioning of the new medical institution year after year mandatory.

Another clause has been revised to require a solvency certificate based on the last completed financial year. This is issued by a Chartered Accountant within 90 days prior to the last date of invitation of applications.

The NMC has proposed inserting Clause 9(k). This clause makes it mandatory for applicant institutions to have all prescribed infrastructure and statutory requirements complete at the time of application.

Temporary arrangements for hospital or college buildings will not be permitted. Applications from institutions with work-in-progress infrastructure will not be processed.

The proposed amendments are aimed at revising the documentation and eligibility requirements for establishing new medical colleges . Institutions must have complete infrastructure in place before seeking approval.

Greater Kashmir

Dy CM calls for scientific mining, faster execution of key mineral projects

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Dy CM calls for scientific mining, faster execution of key mineral projects

In a major push to harness the mineral wealth of Jammu and Kashmir for economic growth and employment generation, the 176th Meeting of the Board of Directors (BoDs) of Jammu & Kashmir Minerals Limited (JKML) was held today at Civil Secretariat here under the chairmanship of Deputy Chief Minister, Surinder Choudhary.

Speaking during the meeting, the Deputy Chief Minister said that JKML has a critical role in the industrial development of J&K and it must emerge as a model, vibrant and financially self-reliant public sector undertaking.

He added that the mineral wealth of J&K belongs to the people of J&K and its proper utilisation through scientific practices will open up new avenues of employment and revenue generation.

Surinder Choudhary directed the management of Corporation to ensure time-bound execution of all ongoing and new projects. He stressed on optimum utilisation of mineral resources, transparency in functioning, and rationalisation of manpower at coal mines in Kalakote as key pillars for making JKML profitable.

Taking stock of expansion plans, the Deputy Chief Minister directed for immediate steps to operationalise the Limestone Mine at Khrew, additional Gypsum Blocks in Ramban District, and the Fuel Pump at Khrew, Pulwama. He observed that these projects will not only enhance JKML’s production capacity but will also give a major boost to the industrial and infrastructure development across Jammu and Kashmir.

Reiterating the government’s commitment to empowerment of youth, Surinder Choudhary instructed JKML management to expedite the operationalisation of new mining projects on priority to create maximum employment opportunities for local youth.

During the meeting, the Board undertook a comprehensive review of the progress of various ongoing projects and held detailed deliberations on strategies to augment mineral production, expand business operations, and institutionalise sustainable and scientific mining practices across all mining areas.

In addition, the Board accorded approval to several financial and administrative proposals aimed at improving operational efficiency, strengthening governance, and enhancing the overall performance of the Corporation.

The meeting, among others was attended by ACS, Mining Department, Ashwani Kumar; Director, Geology & Mining, MD, J&K Minerals Limited, and other senior officers concerned departments and J&K Minerals Limited.

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Doda seals Cricket Boys U-17 title, Bhaderwah finishes as Runner-up

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Doda seals Cricket Boys U-17 title, Bhaderwah finishes as Runner-up

The tournament, as per an official statement, was organised by Youth Services & Sports District Doda as per the Annual Activity Calendar issued by the Directorate of Youth Services & Sports, J&K UT.

The tournament was conducted under the guidance of Director General YSS J&K Anuradha Gupta with the support of Joint Director, Jammu Inderjeet Singh and under the overall supervision of DYSSO Ashok Kumar.

In the final match, Zone Bhaderwah won the toss and elected to bat first, posting 107/6 in 15 overs. Arush Dutt top-scored with 20 runs followed by Usman Tak (19) and Chetanya (17).

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Punjab Police busts two ISI-backed 2 modules in Amritsar, arrests 9 including 4 juveniles

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Punjab Police busts two ISI-backed 2 modules in Amritsar, arrests 9 including 4 juveniles

Punjab Police has busted two Pakistan-based ISI-backed cross-border terror modules operating in Amritsar and arrested nine persons, including four juveniles, in a major operation aimed at dismantling terror networks in the border state.

Director General of Police (DGP) Gaurav Yadav said the operation was carried out by the Amritsar Commissionerate Police, leading to the recovery of three illegal pistols, four petrol bottle bombs and nine live cartridges.

In a post on X, the DGP said preliminary investigations revealed that the accused were working at the behest of foreign-based handlers linked to Pakistan’s Inter-Services Intelligence (ISI). According to Yadav, the handlers were attempting to recruit local youth to carry out terror-related activities, conduct surveillance of security installations, procure illegal weapons and create disturbances to public peace in Punjab.

“The investigation has also uncovered the installation of surveillance cameras near railway tracks, with the footage allegedly being shared with foreign handlers,” the DGP said.

Police have registered separate FIRs at Mohkampura, Airport and C-Division police stations in Amritsar. Further investigations are underway to identify other members of the ISI-backed network, establish its forward and backward linkages, trace the financial trail and ascertain whether those arrested were involved in any other terror-related activities.

Reaffirming the force’s commitment to tackling terrorism, DGP Yadav said Punjab Police remains steadfast in dismantling terror networks and safeguarding the peace, security and sovereignty of the state.

Meanwhile, the Punjab Police has also launched an Anti-Gangster Helpline, seeking public cooperation in its ongoing crackdown against organised crime.

In another post on X, the DGP appealed to citizens to share credible information about wanted gangsters, criminals and their associates directly with the police.

He said information received through the helpline would help security agencies trace and apprehend fugitives more effectively. Assuring complete confidentiality, Yadav urged people to actively participate in the campaign, saying public support was crucial in strengthening law enforcement efforts against organised crime and anti-national elements in the state.

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High Court declines to quash trial proceedings

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High Court declines to quash trial proceedings

The disputed questions such as loss of a cheque, prior stop-payment instructions, and the absence of a legally enforceable debt are matters of defence that can only be adjudicated during trial, the High Court of J&K and Ladakh has held.

A bench of Justice Wasim Sadiq Nargal said this while dismissing one Sanjay Gupta’s plea seeking to quash criminal proceedings in a cheque bounce case.

In its decision, the bench upheld the Sub Judge (Special Mobile Magistrate), Rajouri’s order issuing process in response to a complaint under Sections 138 and 142 of the Negotiable Instruments Act.

It noted that the complaint disclosed a prima facie case and found no jurisdictional error warranting interference under Section 528 of the Bharatiya Nagarik Suraksha Sanhita (BNSS).

The contention of Gupta was that the cheque in question belonged to a cheque book reported missing in 2022 and that payment had already been stopped through instructions issued to the bank.

His further argument was that the cheque had been misused and that no legally enforceable liability existed. The complainant before the trial court, however, submitted before the High Court that the cheque had been issued towards repayment of financial assistance amounting to Rs 65.68 lakh.

“The dishonour of the cheque for ‘Payment Stopped by Drawer’ attracted the provisions of the Negotiable Instruments Act,” he said.

Following the arguments, the Court held that once the execution of the cheque is not disputed, the statutory presumption under Section 139 of the Negotiable Instruments Act operates in favour of the holder.

The Court underscored that whether the cheque was lost, misused, or issued in discharge of a legally enforceable debt are factual issues requiring evidence. These issues could not be examined in proceedings invoking the Court’s inherent jurisdiction, it said.

It held that accepting Gupta’s contentions at the threshold would amount to conducting a “mini trial,” which is impermissible while exercising inherent powers under Section 528 BNSS.

While dismissing the plea, the Court directed the trial court to proceed with the complaint expeditiously in accordance with law. It, however, clarified that all defences raised by Gupta remain open to be considered during the course of the trial.

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Jammu Railway Division invites EOI for industrial mapping, market survey to enhance capacity

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Jammu Railway Division invites EOI for industrial mapping, market survey to enhance capacity

The objective of the proposed study focussed on mapping and surveys, according to Raghvender Singh, Public Relations Inspector, Jammu Railway Division, is to identify existing and upcoming industrial clusters in the division area. The mandate of agencies will be to assess commodity-wise freight potential, evaluate rail-road modal share, analyse district-wise market trends and suggest practical measures to increase railway freight loading and unloading.

“Jammu Railway Division has launched a comprehensive campaign with the objective of accelerating industrial development and strengthening railway freight traffic in the division. Under this campaign, work will be undertaken for industrial mapping, industrial outreach, district-wise market survey and identification of potential railway freight loading points in the division,” Singh shared.

He said, “To carry out this work in a scientific and professional manner, Jammu Railway Division is inviting Expression of Interest (EOI) from reputed consultant agencies. This opportunity is for agencies having experience in industrial surveys, logistics studies, freight traffic assessment and market analytics. Interested agencies can participate in this EOI. The detailed EOI document has been uploaded on the official website of Northern Railway.”

The consultant agency, according to Singh, will also be responsible for conducting field surveys, stakeholder consultations with industries, trade bodies and government agencies and preparing a comprehensive database of potential freight customers.

This study, Singh said, would help in identifying new freight loading sources by connecting existing and emerging industries to rail.

“Industries will get cost-effective and reliable logistics facilities through rail transport, which will reduce their transportation costs. Better rail connectivity will make it easier for local industries to access national and international markets and will accelerate regional industrial development,” he maintained.

Based on the study, Singh said proposals would also be prepared for the development of freight infrastructure such as new goods sheds, sidings and loading points. In addition, promoting freight movement by rail would reduce pressure on roads and benefit the environment by reducing carbon emissions, he added.

“This is also an important opportunity for the companies participating in it. The selected agency will get an opportunity to work with a prestigious organisation as large as Northern Railway. Based on the results of this study, railways will develop further freight infrastructure and logistics projects and the agency working on it is likely to get preference. Associating with this large study in the government sector will also enhance the company’s brand value and credibility,” Singh pointed out.

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High-density apple plantations expand across J&K; Baramulla records 244.646 hectares under programme

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High-density apple plantations expand across J&K; Baramulla records 244.646 hectares under programme

The information was provided by Minister of State for Agriculture and Farmers Welfare Ramnath Thakur in response to an unstarred question raised by Baramulla MP Abdul Rashid Sheikh, who sought details on orchard development, GI tagging, export promotion, cold storage infrastructure and high-density plantations in the constituency.

According to the Ministry, the programme promotes high-density apple cultivation through the supply of quality planting material, trellis systems, micro-irrigation, anti-hail nets, land development, plant protection measures and farm mechanisation. The objective is to ensure early fruiting, higher productivity and improved fruit quality to meet domestic and international market standards.

Under the Mission for Integrated Development of Horticulture (MIDH), financial assistance is available at 40 per cent in general areas and 50 per cent in Himalayan States and Union Territories for up to two hectares per beneficiary, covering planting material and other approved input costs. Assistance is also available for orchard rejuvenation and components such as fruit bagging, weed mats, fencing and anti-hail protection.

On exports, the Centre said the Agricultural and Processed Food Products Export Development Authority (APEDA) has undertaken several initiatives to promote exports of apples, black carrots, GI-tagged Kashmir saffron, walnuts and almonds from Jammu and Kashmir to markets including the UAE and Saudi Arabia.

APEDA has organised international buyer-seller meets and trade interactions in Srinagar and Jammu to connect exporters, Farmer Producer Organisations (FPOs) and overseas buyers. It has also supported the upgradation of the food testing laboratory at SKUAST-K to strengthen quality testing, traceability and certification. Applications for GI tags have also been submitted for Baramulla apples and walnuts.

On storage infrastructure, the Centre said five Controlled Atmosphere (CA) storage units with a combined capacity of 18,500 metric tonnes have been established in Baramulla under MIDH. These include facilities operated by M/s Kachroo (3,500 MT), M/s Alpine Fresh Art (3,000 MT), M/s H.N. Agrichain Pvt. Ltd. (5,000 MT), M/s North Fresh Agro Cold Chain Pvt. Ltd. (5,000 MT) and M/s Nundreshi (2,000 MT).

The Ministry added that support is also being extended under the UT CAPEX Budget for establishing CA storage facilities in North Kashmir. Besides, 28 cold storage and cold-chain projects have been approved across Kashmir under the Agriculture Infrastructure Fund (AIF).

APEDA has further extended financial assistance to an APEDA-registered exporter for establishing an integrated packhouse in Jammu and Kashmir, while the National Horticulture Board released a subsidy of Rs 422.82 lakh during 2023-24 for a 5,832-MT CA storage project in Baramulla.

Year-wise data showed that Baramulla constituency recorded steady expansion under the High-Density Plantation Programme, with the area covered increasing from 13.12 hectares in 2016-17 to 58.036 hectares in 2025-26.

Overall, the constituency has brought 244.646 hectares under high-density apple plantations, benefiting 599 growers under the programme. KNO

Greater Kashmir

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