For a Day, Google Made It Easy to Spoof Satellite Imagery
GLOBAL NEWS | Mon, 3 Aug 2026, 12:55AM IST
A new Google Earth tool allowed the creation of A.I. deepfake maps. The tech giant quickly pulled it back after a backlash and concerns about disinformation risks.
Continue reading at The New York Times
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Carmakers partly absorb commodity shocks to keep production on track
INDIA BUSINESS | Mon, 3 Aug 2026, 12:55AM IST
Indian carmakers are absorbing rising commodity costs to sustain production levels. Demand for vehicles remains robust, driving sales growth since last October. Companies are controlling costs and expanding capacity to meet customer needs. This approach prioritizes production over short-term profit margins. Price increases are being implemented cautiously to offset cost pressures.
Continue reading at Economic Times
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INDIA BUSINESS | Mon, 3 Aug 2026, 12:50AM IST
The government has advised state RERAs to extend project deadlines by four months. This advisory addresses disruptions caused by the West Asia situation impacting supply chains. Eligible projects with completion dates on or after February 28, 2026, may receive extensions. Homebuyers may experience possession delays of up to four months for these projects. State regulators will now decide on uniform implementation of this central directive.
Continue reading at Economic Times
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ZEE promoter fundraise plan faces uncertainty after Sebi's market ban
INDIA BUSINESS | Mon, 3 Aug 2026, 12:45AM IST
Zee Entertainment's promoter fundraise faces regulatory hurdles after Sebi's market ban. The company and its top executives are prohibited from securities dealings for a year. This order casts doubt on the proposed 3,144-crore warrant issue to promoters. Legal experts suggest the warrant subscription may be delayed without interim relief. The regulator also imposed penalties for unauthorized land pledges by promoter entities.
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Vadilal Industries challenges order granting interim relief to Mumbai faction
INDIA BUSINESS | Mon, 3 Aug 2026, 12:37AM IST
The Mumbai faction had originally approached the court under Section 9 of the Arbitration and Conciliation Act, seeking interim relief. It alleged that the Ahmedabad faction had attempted to terminate agreements that allowed the Mumbai branch to manufacture and sell ice cream and juices under the Vadilal name in Maharashtra, Goa, Karnataka, Kerala and undivided Andhra Pradesh.
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Banks moot 'Yes-No' prompt for UPI transfers
INDIA NEWS | Mon, 3 Aug 2026, 12:34AM IST
Mumbai: India's high-street banks want to strike a balance between adding friction in online payments to curb frauds and preserving the widely showcased digital payment story.A number of them are proposing a software tweak for the payment app to throw up a prompt, seeking a go-ahead from the payer before the beneficiary's account is credited in peer-to-peer (P2P) transactions. If a customer says 'Yes', the payment is executed within seconds; if she says 'No', the transaction is cancelled; and, if she says nothing, the money-transfer goes through and the beneficiary's account gets credited after an hour.This is among the suggestions to the Reserve Bank of India (RBI) which had sought banks' response to a RBI discussion paper that laid down ideas - like lagged credit (instead of instant credit) - to counter a surge in frauds perpetrated through bogus calls, coercion, and deep-fake impersonation.Many banks are offering this as an alternative to the hour-long uniform delayed credit (of the beneficiary's account) mooted in the discussion paper. Banks fear a one-hour payment speed-bump may slow down digital acceptance and push up cash transaction.132813289Also, banks are not proposing the 'yes-no-nothing' prompt for every transaction above the 10,000 threshold mentioned in the paper. Rather, they want the prompt to be displayed only for payment commands that indicate anomalous behaviours: like a transaction initiated at 2 in the morning, or to a beneficiary with whom the customer has never dealt with, or to newly-opened recipient bank accounts (often used by money mules).Some banks have also suggested raising the threshold from 10,000 to 20,000/25,000-at least, after some time."Given the rise in frauds, RBI appears serious about the subject and wants to come out with guidelines, at least draft rules, soon. The issue was also raised when deputy governor Jain met bank CEOs recently. Banks have given their suggestions and are working on different solutions. Most frauds are AAPs but everyone appreciates that too much friction may slow down online payments," said a senior banker.In AAP or 'Authorised Push-Payment' frauds, victims, acting under deception, initiate and authenticate transactions. "While about 2% of transactions may be above Rs 10,000, the absolute number isn't small with UPI monthly transaction volumes at 23.66 billion," said another person.According to banking sources, National Payments Corporation of India (NPCI), the main organisation that runs all retail digital money transfers and payment systems across India, is understood to have expressed its reservations about the proposed lagged credit and payment frictions. "With online payments growing and users getting accustomed to a certain digital payment experience, NPCI feels India should not replicate the systems of other countries. Also, a deferred credit will not help in stopping investment fraud schemes or misuse through mule accounts where accountholders, both payers and beneficiaries, are complicit in financial crimes," said a banker. NPCI officials were not available for comments.The proposed precautionary steps are confined to P2P transactions and do not extend to payments to merchants (P2M). "However, many small and micro merchants refrain from opening current accounts with banks, and prefer receiving payments through QR codes linked to their savings accounts. So, in reality these merchant transactions are actually P2P. Some of these, though not too many, may be impacted," said an industry person.The number of reported digital frauds jumped from 2.6 lakh in 2021 to 28 lakh in 2025. The value of frauds increased from 551 crore to 22,931 crore during the same period.
Continue reading at Economic Times
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Banks propose 'Yes-No' prompt for high-risk UPI transfers to curb digital payment frauds
INDIA BUSINESS | Mon, 3 Aug 2026, 12:34AM IST
Indian banks are proposing payment app prompts to curb rising digital frauds. This aims to balance fraud prevention with maintaining digital payment convenience. Banks suggest prompts for suspicious transactions, not all payments above a threshold. The Reserve Bank of India is considering these suggestions for new guidelines. This initiative seeks to protect users while preserving digital payment growth.
Continue reading at Economic Times
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Quick commerce race cuts product launch cycles to weeks
INDIA BUSINESS | Mon, 3 Aug 2026, 12:33AM IST
Companies are shrinking product innovation cycles to three months or less. Quick commerce platforms now drive seventy-five percent of total digital sales. This rapid growth allows for faster testing and market entry strategies. Consumers now trigger purchases based on immediate needs and occasions. Product launches are happening within two weeks depending on market trends.
Continue reading at Economic Times
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HDFC, ICICI Bank rates up for dollar deposits
INDIA BUSINESS | Mon, 3 Aug 2026, 12:28AM IST
Banks are raising FCNR(B) deposit rates to attract dollars amid global rate increases. ICICI Bank and HDFC Bank have already adjusted their offerings for dollar deposits. Higher overseas borrowing costs and market competition necessitate these rate adjustments. Global benchmark rates have risen since the scheme's operationalization in June. This special scheme for attracting foreign currency closes on September 30.
Continue reading at Economic Times
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HDFC, ICICI Bank rates up for $ deposits
INDIA NEWS | Mon, 3 Aug 2026, 12:28AM IST
Mumbai: Hardening overseas rates, tough competition and strong client demand is forcing banks to tweak their FCNR (B) offerings to attract maximum dollars as banks get into the busy season of the special scheme.ICICI Bank and HDFC Bank, two of the largest private sector banks have both hiked a section of their FCNR (B) rates noting the changed scenario. With overseas rates also higher more banks could join in hiking rates in this scheme, people familiar with banks' plans said.While ICICI has hiked the rate on its FCNR (B) deposits for $5 million or above to 6.25% from 6%, HDFC has raised rate uniformly on its three- to five-year (FCNR) (B) dollar deposits by 25 basis points basis points to 6.25% from 6%. A senior bank executive said that the higher rates are a function of the market and competition. "The tweaks are required to keep rates competitive which is what large banks have done. Also the fact is overseas rates have gone up and borrowing is more expensive so banks have to adjust their rates accordingly," said a senior private sector bank executive. Indeed, global benchmark rates have increased since the RBI operationalised the scheme on June 8. For example HDFC Bank raised $750 million by selling five year bonds to overseas investors on June 16.The bond was priced at 90 basis points above the five-year US treasury, the tightest spread over the US benchmark for any private sector bank in India.However, since then both the spread as well as US yields have tightened with the five year US treasury now trading at 4.45% up from 4.15% on June 16. Similarly the yield on the benchmark 10 year US security has increased to 4.74% from 4.48% on June 16.Bankers said the spreads for Indian issuers also has increased. "There are two things playing out. One is the demand and supply of money in the loan market and another premium demand by bond investors. Money is available but Indian banks have to pay a higher rate and they will have to make up for it by tweaking their offering. All this will have to be done soonest since this window closes on September 30," said a foreign bank executive.Banks are also paying more for dollar loans as overseas lenders charge a premium noting global volatilities and large demand from India.
Continue reading at Economic Times
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Renewable energy developers seek GST cut on battery storage systems to 5%
INDIA BUSINESS | Mon, 3 Aug 2026, 12:04AM IST
Developers want a five percent goods and services tax on battery storage systems. This change would support faster deployment of renewable energy projects. A lower tax rate could significantly reduce the cost of energy storage. India needs substantial energy storage capacity by the year 2032. This reduction offers considerable financial benefits for the nation's energy sector.
Continue reading at Economic Times
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Govt plans SEZ services forex rule relief
INDIA NEWS | Mon, 3 Aug 2026, 12:03AM IST
New Delhi: The commerce and industry ministry is working on a Cabinet note to redefine services by doing away with the condition that mandates service exports from special economic zones (SEZs) to earn foreign exchange when they supply to areas outside the zones, called the domestic tariff area (DTA).The current provision under Section 2(z) of the SEZ Act, 2005 mandates that proceeds for SEZ to DTA supplies of services must be realised in foreign exchange, although there is no such requirement in case of supply of goods to DTA entities."The SEZ Act requires realisation in foreign exchange for services supplied from SEZ to DTA. The idea is to align the definition of services with Goods and Services Tax law," said an official, adding that this will require an amendment in the Act going ahead.132812826Work on the Cabinet note move comes amid industry seeking rupee-denominated payments for services, especially strategic services such as aerospace, defence, maintenance, repair and overhaul, and advanced engineering services, due to which Indian companies have to source such services from overseas. "Earning foreign exchange should only be required for international transactions, not for transactions between an SEZ and a DTA entity as both entities are situated in India," the official added.Industry has claimed that the prevailing SEZ conditions make such domestic service rendering difficult from being undertaken within these enclaves. Foreign companies take more than a year, whereas an Indian unit can complete the same work in a little over eight days, which increases transaction costs as a DTA entity has to buy foreign currency on payment of commission to the authorised dealer bank and then again the SEZ unit has to convert this foreign currency into rupees on commission to the bank, they said."The government has a policy of promoting Indian rupees and conserving foreign exchange. Also, this mismatch risks discouraging strategic defence service activities," said an industry representative. The total exports from these zones have dipped to $133.45 billion in 2025-26 from $172.07 billion in 2024-25. There are 276 operational SEZs, with 6,695 units, in the country.
Continue reading at Economic Times
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Petrol sales rise 8.6%, diesel demand jumps 9.4% in July; LPG, jet fuel consumption declines
INDIA BUSINESS | Mon, 3 Aug 2026, 12:02AM IST
Petrol and diesel sales saw significant year-on-year increases in July. This growth was fueled by greater mobility and economic activity across the nation. Jet fuel sales experienced a slight decline, while cooking gas demand dropped considerably. LPG sales are currently constrained due to ongoing supply disruptions from the Iran war.
Continue reading at Economic Times
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INDIA BUSINESS | Sun, 2 Aug 2026, 11:56PM IST
Draft rules for India's SHANTI Act, 2025, are currently under discussion with ministries. Industry inputs are also being sought on the proposed regulatory framework. The act aims to boost nuclear power capacity to 100 GW by 2047. It consolidates regulation and opens the sector to private and foreign entities. Final notifications are expected after extensive consideration of various issues.
Continue reading at Economic Times
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Indian Oil reassesses 33,000 crore Tamil Nadu refinery, eyes petrochemicals complex
INDIA BUSINESS | Sun, 2 Aug 2026, 11:56PM IST
Indian Oil Corp is reassessing its Tamil Nadu refinery project due to economic viability concerns. The company is now exploring a standalone petrochemicals complex instead of the original refinery. This shift reflects industry trends favoring integrated refining and petrochemical ventures. Standalone petrochemicals complexes require lower investments and offer higher long-term returns.
Continue reading at Economic Times
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INDIA MARKET | Sun, 2 Aug 2026, 11:00PM IST
Liverpool have won both their pre-season matches so far, beating Sunderland 4-2 and Wrexham 1-0.
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14 Killed In Blast In Pakistan's Khyber Pakhtunkhwa
INDIA MARKET | Sun, 2 Aug 2026, 10:56PM IST
Police officers examine the site following a suicide bombing in Kabal, a town in the Swat Valley in Pakistan's Khyber Pakhtunkhwa province, on August 2.
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Govt to introduce Bankers' Books Evidence Bill in Lok Sabha on Monday
INDIA NEWS | Sun, 2 Aug 2026, 10:46PM IST
The proposed law will replace the 1891 Act, expand the definition of bankers' books and provide a technology-neutral legal framework for financial records.
Continue reading at Business Standard
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INDIA MARKET | Sun, 2 Aug 2026, 10:41PM IST
Other companies with more than half of their outstanding shares becoming eligible for sale include Rajputana Stainless, Om Power Transmission, Innovision and GSP Crop Science.
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INDIA MARKET | Sun, 2 Aug 2026, 10:33PM IST
Lock-in periods prevent certain pre-IPO investors, promoters, employees, and institutional shareholders from selling their shares immediately after listing. Once these restrictions expire, investors gain the flexibility to monetize their holdings.
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India okayed just one FDI proposal from China, 13 from Hong Kong in FY26
INDIA NEWS | Sun, 2 Aug 2026, 10:31PM IST
India approved just one Chinese FDI proposal worth Rs 1 crore, while clearing 13 applications from Hong Kong worth Rs 610.42 crore in the last financial year, according to official data.
These approvals are important as investments from countries sharing a land border with India have been subject to prior government approval since April 2020 under Press Note 3 of the Department for Promotion of Industry and Internal Trade (DPIIT).
The measure was introduced to curb opportunistic takeovers and acquisitions of Indian companies during the COVID-19 pandemic.
Overall, the government has approved 63 FDI (foreign direct investment) proposals worth Rs 10,292.67 crore, or USD 1.18 billion, during April 2025-March 2026, according to the DPIIT data.
Singapore emerged as the largest source of approved FDI proposals in value terms, with five proposals worth Rs 3,259.88 crore (USD 382.52 million) receiving clearance.
This was followed by the UK, where five proposals worth Rs 2,477.67 crore (USD
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FSSAI flags USL, INBREW over added flavours
INDIA NEWS | Sun, 2 Aug 2026, 10:14PM IST
As per a statement from the Food Safety and Standards Authority of India (FSSAI), it has sent notices to a number of liquor producers including those of United Spirits Ltd and INBREW Beverages and are accused of adding artificial flavours to the drinks to imitate the drinks' natural characteristics.According to the FSSAI statement, the use of flavouring is not restricted.FSSAI has stated that notices are being sent out because the alcoholic beverage companies are putting in the same flavour into their product that is already being defined as an alcoholic beverage. For example the rum flavour in rum and whisky in whisky.Read More: Lion Brewery makes India comeback after 60 years, targets premium beer marketOn 10th July, FSSAI also sent out notices to the alcohol companies for the violation of Food Safety and Standards (Alcoholic Beverages) Regulations, 2018 for illegal use of additives and other violations which include the claims of age.Last month, when FSSAI sent out the notices to the alcohol companies, it did not reveal the names of companies or of the factories.With the clarification released today, FSSAI has explained that a notice has been sent to United Spirits' plant at Baramati where the company produces McDowell's No 1 Rum.Additionally, it has pointed to USL, which belongs to British liquor major Diageo, Madhya Pradesh plant producing Antiquity Blue Whisky and Royal Challenge Whisky.Read More: Global travel restrictions benefited premium Indian liquor retail: CartelBros Mokksh SaniAnother brand which has made it to the list of names is Mohan Rocky Springwater as well as INBREW Beverages and Associated Alcohol & Breweries.It has also taken steps to conduct several inspections and sampling procedures in Goa at the Murthy & Rankawat distillery.Moreover, notices have been issued to six other manufacturers in the State of Maharashtra in this case and further necessary action to follow soon, the statement said.The FSSAI noticed that the firms did not comply with regulations regarding prohibited use of additives, fake age claims, and blending of flavors.The regulatory authority said that some manufacturers used what they called as added flavors which could imitate the natural profile of the products, for example, in Rum, Brandy, Gin, Malt, and Wine."This amounts to a violation of the regulations according to which these products must have their true natural taste and aroma."
Continue reading at Economic Times
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FSSAI names United Spirits, INBREW in crackdown over added flavours voilation in alco-bev products
INDIA BUSINESS | Sun, 2 Aug 2026, 10:14PM IST
The FSSAI has issued notices to several liquor manufacturers for adding artificial flavors. These companies are accused of imitating natural characteristics in their alcoholic beverages. United Spirits and INBREW Beverages are among the firms receiving these official warnings. The regulatory body also cited violations of additive use and age claims. Inspections and sampling procedures are underway in Goa and Maharashtra.
Continue reading at Economic Times
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Rs 10 Refund On Rs 1,14,68,591 Income Tax Payment? CA's Post Sparks Funny Reactions
INDIA MARKET | Sun, 2 Aug 2026, 10:01PM IST
A tax computation showing 1.14 crore paid and a tiny refund went viral.
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LEAP India IPO Gets August 7 Launch Date With Rs 480-Crore Fresh Issue, Rs 2,000-Crore OFS
INDIA MARKET | Sun, 2 Aug 2026, 9:47PM IST
LEAP India will launch its Rs 2,480-crore public issue on August 7 and listing expected August 14.
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Zee to seek legal advice on Sebi order, says fund raise unaffected
INDIA BUSINESS | Sun, 2 Aug 2026, 9:26PM IST
The company says it will take legal steps over SEBI's order while continuing with its fund-raising exercise aimed at strengthening its financial foundation
Continue reading at Business Standard
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Seeking legal advise on SEBI order in land pledge case, no bearing on ongoing fundraising: Zee
INDIA BUSINESS | Sun, 2 Aug 2026, 9:11PM IST
Zee Entertainment Enterprises is seeking legal advice after SEBI barred it from the securities market. The market regulator also prohibited Chairman Emeritus Subhash Chandra and MD Punit Goenka for one year. This action stems from the unauthorised pledge of Hyderabad land to secure promoter-linked loans. The company asserts this order will not impact its fundraising efforts.
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INDIA MARKET | Sun, 2 Aug 2026, 9:02PM IST
Spider-Man: Brand New Day star Tom Holland.
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