A group of secretaries constituted to look into the e-commerce issues will hold its first meeting to deliberate on the proposals of the draft policy. A section of the industry has raised concerns regarding the draft e-commerce policy. The draft policy states that online retail firms may have to store user data exclusively in India in view of security and privacy concerns. Any group company of an online retailer or marketplace may not be allowed to directly or indirectly influence the price or sale of products and services on its platform, a move that could completely restrict e-tailers from giving deep discounts.
External Affairs Minister Sushma Swaraj will begin a two-day visit to Russia. During the visit, she will co-chair the 23rd India-Russia Inter-Governmental Commission on Technical & Economic Cooperation (IRIGC-TEC) with Yuri Borisov, Deputy Prime Minister of the Russian Federation. The Commission meets annually and reviews cooperation in trade and investment, science and technology and other areas of mutual interest. The last meeting of the commission was held in New Delhi in December 2017.
Turkey's central bank is set to hold is monetary policy review today. The Bank is expected to raise interest rates to calm a currency crisis, but forecasts for the scale of the increase vary widely as the bank balances concerns over lira weakness with worries about an economic slowdown. The lira has slumped 40 per cent against the dollar this year, weakened by unease over President Tayyip Erdogan's influence on monetary policy and more recently a bitter row with the United States that has unsettled investors.
The European Central Bank holds its policy meeting today. Policy makers are widely expected to maintain status quo. The focus is likely to be on sluggish underlying inflation, political turbulence and signs of economic weakness against the backdrop of an escalating trade war between major powers. Meeting the same day, the Bank of England is all but certain to keep policy unchanged having raised rates last month. Any commentary on the risk of a disorderly Brexit will be closely watched.
The Delhi High Court will hear a plea by Tamil Nadu Deputy Chief Minister O. Panneerselvam challenging an August 10 High Court order that asked the poll panel to decide on former AIADMK spokesperson KC Palanisamy’s representation in four weeks. Palanisamy has sought to annul the amendment made last year to the bylaws of the AIADMK. The amendment allowed J. Jayalalitha to be appointed eternal general secretary of the party and abolish the post of general secretary. Palanisamy maintains that the post of general secretary of the party fell vacant after the demise of Jayalalithaa in December 2016.