Commerce and Industry Minister Piyush Goyal on Thursday said the first phase of the India-US trade pact has been finalised and is undergoing legal drafting.

He expressed hope that it would be finalised soon and operationalised once India secures a competitive advantage over its peer countries.

Delhi Police Commissioner Anurag Kumar has told the Supreme Court that timely, proportionate and lawful measures taken by the police helped avert a major public order situation during the recent protests in the national capital.

The commissioner, who tendered an unconditional and unqualified apology to the apex court in a contempt case, said that preventive measures undertaken on October 10.

Net direct tax collection rose 13.21 per cent to about ₹13.38 trillion between April 1 and October 14, driven by a healthy pick-up in corporate taxes.

Net corporate tax mop-up grew 20.58 per cent to over ₹5.99 trillion, while non-corporate tax (paid by individuals, firms and HUFs) rose 5.83 per cent to about ₹6.92 trillion so far this fiscal year.

Prime Minister Narendra Modi on Thursday virtually inaugurated five development projects covering airport infrastructure and strategic road connectivity in Ladakh worth around ₹3,350 crore.

The projects include a new passenger terminal at the Kushok Bakula Rimpochee Airport in Leh, built for ₹640 crore. Spread over 23,800 square metres, the modern terminal is designed to handle 35 lakh passengers annually, officials said.

The petition filed by Congress leader Rahul Gandhi and 10 prominent opposition leaders following a massive march on October 12 was not listed for hearing in the Supreme Court on Tuesday as defects pointed out by the registry are yet to be cured.

As per the Supreme Court's website, the apex court registry had flagged 14 defects, including lack of a clear copy of the ID card of Congress president and Leader of Opposition in Rajya Sabha Mallikarjun Kharge, a co-petitioner in the case.

The Karnataka High Court ruled against the state’s enhanced reservations for Scheduled Castes (SC) and Scheduled Tribes (ST), citing the 50 per cent ceiling on quotas in education and government jobs.

A bench comprising Chief Justice Vibhu Bakhru and Justice K S Hemalekha held that the provisions of the Karnataka Scheduled Castes and Scheduled Tribes (Reservation of Seats in Educational Institutions and of Appointments or Posts in the Services under the State) Act, 2022.

The Reserve Bank of India (RBI) is likely to continue taking measures to mitigate volatility in the foreign exchange market, Finance Minister Nirmala Sitharaman said on Tuesday.

“The rupee has reached a low and the RBI is making a lot of efforts through its regulatory powers to make sure that the rupee stays stable. They are not trying to fix the rupee,” Sitharaman said at the Bloomberg New Economy Forum in New Delhi. “These efforts from the RBI, as I understand, will continue.”

The National Payments Corporation of India (NPCI) has deferred the levy of merchant discount rate (MDR) on select UPI transactions until after Diwali, just two days before it was due to take effect, and said the new date would be notified separately.

The deferment offers merchants a breather during the ongoing festive season. The levy was originally scheduled to take effect on October 15.

The Reserve Bank of India (RBI) has extended the foreign exchange risk reserve (FERR) requirement to rupee derivative contracts undertaken by authorised dealers to hedge currency risks on their own assets and liabilities. Unlike the existing reserve requirement on contracts with users, which applies only above a notional value of $2 million, the new directions specify no threshold.

Under the revised directions, authorised dealers will have to maintain a reserve equivalent to 20 per cent of the rupee value of the notional amount of each eligible derivative contract in which they purchase foreign currency against the rupee.

Prime Minister Narendra Modi on Tuesday said India does not believe in growing in isolation or withholding knowledge, but favours sharing its capabilities and working with other countries.

Speaking at the Bloomberg New Economy Forum, PM Modi said, “India does not grow at anyone's expense. We grow with the world and for the world."

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