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    Union Minister of Commerce and Industry Shri Piyush Goyal Engages with Leading Finnish Technology and Industrial Companies to Deepen India–Finland P...
    US oil firms sign deals with Iraq to develop alternative shipping routes
    HC transfers probe against ex-MLC Haji Iqbal from UP STF to SFIO
    Rupee rises 12 paise to close at 96.30 against US dollar
    MP industrial corporation, Amazon ink pact to accelerate e-commerce exports
    Following are the top foreign stories at 2015 hours
    Pending civil suits, arbitral claims stand abated after resolution plan approved under IBC: SC
    India'€™s forex kitty jumps USD 964 mn to USD 675.15 bn
    Rupee rises 14 paise to close at 96.28 against US dollar
    Office of Economic Adviser to Release Revised Index of Core Industries Series with Base Year 2022–23
    Fourth Edition of IICA’s National Conference on Responsible Business Conduct (NCRBC) 2026 held in New Delhi
    Reliance promoters raise stake by 0.5 pc through Rs 8,500-9,000 cr worth of share purchases
    US Senate bill seeks 100% tariffs on India, 4 other nations for buying Russian oil
    NRIs can bring USD 70-80 bn into India through FCNR deposits: expert
    NetAcct Solutions Launches Entries ERP Powered by the Entries AI Platform
    Union Minister of Commerce and Industry, Shri Piyush Goyal Leads High-Level Delegation to Finland to Strengthen Trade and Investment Ties
    India Achieves Major Milestone at Codex Commission with Adoption of Three Global Standards for Spices
    Centre for Trade and Investment Law launches guidebook to help Indian MSMEs expand into global markets
    Brazil calls Trump's 25 pc tariff unjustifiable, vows to impose reciprocal tariffs
    Trump administration races clock to rebuild US tariff wall knocked down by SC
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    July 18, 2026
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    India-Finland technology cooperation expands across digital infrastructure, sustainable manufacturing, research partnerships, investment, and emerging industrial technologies.
    India-Finland cooperation was advanced through discussions on telecommunications, digital infrastructure, electronics manufacturing, research and development, innovation, clean technologies, advanced materials, and technology transfer. Further priorities included smart urban infrastructure, sustainable construction, advanced manufacturing, localisation, industrial machinery, clean industrial solutions, and investment. The engagements also explored EV charging infrastructure and reinforced business-to-business linkages for long-term cooperation in technology, sustainable manufacturing, research, and investment.
    July 18, 2026
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    Alternative oil export routes aim to reduce Iraq's reliance on the Strait of Hormuz through pipeline investment and regional transit.
    Alternative oil export routes from Iraq are being pursued through agreements to develop pipeline capacity that can reduce reliance on the Strait of Hormuz. Planned pipelines would support larger-scale exports through Syria and Turkey and strengthen energy-security options amid disrupted maritime shipments. Their timing and viability remain uncertain because cross-border construction requires substantial development and coordination. Existing overland shipments through Syria offer a temporary, but less efficient and more costly, route to European markets. Iraq has emphasised its preference for long-term investment partnerships over project-based contracting.
    July 17, 2026
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    Consolidated fraud investigation requires specialised inquiry where an investor complaint forms part of an alleged shell-company network.
    A fraud investigation concerning an alleged real-estate investment scheme was transferred to the Serious Fraud Investigation Office because the named company was stated to be part of a wider alleged shell-company network already under its examination. The FIR was not quashed, as the complainant's individual transaction had not been investigated. A single specialised inquiry was considered necessary to prevent fragmented or conflicting investigations into an allegedly indivisible fraud scheme.
    July 17, 2026
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    Foreign exchange market movement strengthens the rupee as equity gains and possible central-bank support offset oil-price pressure.
    Foreign exchange market movement saw the rupee appreciate against the US dollar, supported by positive domestic equity-market performance, lower US Treasury yields and reported possible central-bank intervention. Elevated West Asia tensions, higher global crude-oil prices and cautious foreign investment flows continued to pressure the currency. Market attention remained focused on global developments, crude-oil movements and foreign institutional investment activity, alongside an increase in foreign-exchange reserves.
    July 17, 2026
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    E-commerce export promotion supports Madhya Pradesh businesses through global marketplace access, exporter readiness, and a cross-border export roadmap.
    A memorandum of understanding supports Madhya Pradesh businesses, including MSMEs, entrepreneurs, direct-to-consumer brands, manufacturers, weavers, artisans and producers, in accessing international customers through the Amazon Global Selling programme. The collaboration will improve e-commerce export awareness, exporter readiness and knowledge sharing, while developing a state export roadmap with policy and infrastructure recommendations. It will also identify interventions relating to logistics, access to finance, payment reconciliation and regulatory enablers for cross-border exports.
    July 17, 2026
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    Russian oil purchase tariffs and tighter visa oversight reshape trade exposure and immigration compliance for foreign nationals.
    Proposed trade tariffs on purchases of Russian oil would target specified countries, including India and China, while exempting European purchasers of Russian gas. Separately, tighter United States visa regulations for international students, exchange visitors and journalists would end a long-standing arrangement allowing indefinite residence without government oversight. The reported changes may materially affect foreign nationals, including Indian nationals, through differentiated trade treatment and enhanced immigration compliance requirements.
    July 17, 2026
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    Clean slate doctrine extinguishes uncrystallised operational claims and pending proceedings once an approved insolvency resolution plan becomes binding.
    The clean slate doctrine under the Insolvency and Bankruptcy Code is described as abating or extinguishing pending civil suits and arbitration involving pre-insolvency operational claims that had not crystallised into determinable and quantifiable amounts before resolution-plan approval. Claims must be submitted to and determined by the resolution professional, and only crystallised claims incorporated in the approved plan remain payable under its prescribed treatment. Once final, the creditor list and approved plan bind all stakeholders.
    July 17, 2026
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    Foreign exchange reserves rose as foreign currency assets, gold, Special Drawing Rights and IMF reserve position increased.
    Foreign exchange reserves increased during the reporting week, principally because foreign currency assets rose. Reserve components include foreign currency assets, gold reserves, Special Drawing Rights and the reserve position with the International Monetary Fund. Foreign currency assets, expressed in dollar terms, reflect valuation effects arising from movements in non-US currencies held in the reserves. Gold reserves, Special Drawing Rights and the reserve position with the International Monetary Fund also increased.
    July 17, 2026
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    Rupee exchange-rate movement stabilised after possible central bank intervention, while oil prices and foreign fund flows sustained pressure.
    The rupee strengthened against the US dollar following four declining sessions, reportedly amid possible Reserve Bank of India intervention. Elevated West Asia tensions, higher crude-oil prices and cautious foreign fund flows continued to weigh on the currency, despite consolidation in the absence of major domestic triggers. Market participants were expected to monitor global developments, crude-oil movements and foreign institutional investor activity for the next directional move.
    July 17, 2026
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    Revised Index of Core Industries adopts a new base year, adds Iron Ore, and aligns production measurement methodology.
    The revised Index of Core Industries adopts 2022-23 as its base year and replaces the 2011-12 series. Its weights are derived from the 2022-23 Index of Industrial Production and redistributed pro rata to total 100. Iron Ore is added as a core industry, expanding the basket to nine industries. The Steel Index will use gross production data for consistency with the Index of Industrial Production. In the Coal sector, only Raw Coal is retained; Coal Middlings and Washed Coal are excluded to prevent double counting.
    July 17, 2026
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    Sustainability reporting discipline requires credible disclosures, board-level integration, data assurance and proportionate ESG implementation across business value chains.
    ESG-led responsible business conduct requires sustainability disclosures that are relevant, comparable, evidence-based and verifiable, supported by reliable systems, internal controls, documentation, traceability and independent examination. Sustainability should be integrated into board-level decision-making, fiduciary responsibilities, risk management and long-term enterprise value. Stronger governance, accountability and data-assurance frameworks are needed to address greenwashing, with proportionate reporting, technology and capacity-building supporting implementation across value chains and MSMEs.
    July 17, 2026
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    Promoter shareholding increase through market purchases remains within creeping acquisition limits and signals confidence in long-term growth prospects.
    Promoter and promoter-group shareholding in Reliance Industries Ltd increased by nearly 0.5 percentage points through market purchases during the June quarter. The purchases were reported to be within SEBI creeping acquisition limits, allowing gradual promoter acquisitions without triggering a mandatory open offer where prescribed thresholds are met. The increase may strengthen promoter control and marginally reduce public float, and was characterised as reflecting confidence in long-term growth, earnings trajectory and capital-allocation plans.
    July 17, 2026
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    Tariffs on Russian oil purchasers would target sanctions evasion, with reassessment mechanisms and limited energy-sector exemptions proposed.
    Proposed United States Senate legislation would impose mandatory tariffs on imports from leading purchasers of Russian oil or gas and leading facilitators of Russian oil-sanctions evasion. It provides for periodic reassessment and tariff adjustments, while exempting qualifying countries reducing Russian gas imports. Russian uranium purchases for specified nuclear and medical needs, and certain nuclear and space cooperation activities, would be excluded.
    July 17, 2026
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    Foreign currency non-resident deposits enable overseas Indians to invest foreign earnings while supporting India's foreign-exchange reserves.
    Foreign Currency Non-Resident deposits allow Non-Resident Indians and Persons of Indian Origin to maintain overseas earnings as foreign-currency fixed deposits with Indian banks without conversion into Indian rupees. Banks may offer enhanced interest rates for a limited period under an initiative intended to strengthen foreign-exchange reserves and support the rupee. The framework covers the investment process, regulatory requirements, taxation aspects and advantages for eligible overseas investors.
    July 17, 2026
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    GST compliance management integrates reconciliation, input tax credit support, invoicing and statutory monitoring within an AI-powered enterprise platform.
    The unified cloud platform combines accounting, manufacturing, inventory, procurement, human resources, payroll, compliance, reporting and document management with an embedded AI agent. Its compliance functions include GST validation, purchase-register reconciliation with GSTR-2B, input tax credit support, supplier filing-gap detection, e-invoicing, e-way bills, TDS and statutory due-date tracking. Financial and operational workflows are intended to use common real-time data, with automation for invoices, journal entries, reconciliations, reporting, workflow approvals and compliance-risk monitoring.
    July 17, 2026
    Show AI Summary
    Institutional trade cooperation expands through industry MoUs, supporting investment, innovation and technology partnerships across strategic economic sectors.
    Bilateral trade and investment cooperation was advanced through ministerial discussions and industry engagements concerning financial markets, innovation, enterprise financing and commercial relations. Two institutional Memoranda of Understanding established mechanisms for industry collaboration and greater business engagement. Sector-specific interactions covered digital and frontier technologies, space, clean energy, bioeconomy, circular economy, infrastructure and advanced manufacturing, focusing on collaboration, investment and technology partnerships.
    July 17, 2026
    Show AI Summary
    Codex spice standards harmonise quality benchmarks for cardamom, coriander and vanilla, supporting trade consistency, market access and export competitiveness.
    Codex standards for large cardamom, coriander and vanilla establish harmonised international quality benchmarks following review by relevant committees on analytical methods, food additives and food labelling. The standards are intended to promote consistent quality requirements, facilitate trade, improve market access and support export competitiveness. India was also accepted as Co-Chair of an Electronic Working Group developing policy guidance on risk analysis for new food products.
    July 17, 2026
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    Export readiness for MSMEs strengthens global market access through trade intelligence, standards compliance, preferential origin rules and trade remedy awareness.
    Export readiness for Indian MSMEs is supported through practical guidance on identifying export opportunities, market-access requirements, trade intelligence tools, international standards, sustainability requirements and buyer identification. International expansion strategies include using preferential Rules of Origin and cooperation mechanisms under Free Trade Agreements, selecting export destinations, product positioning, diversification and value addition. Trade remedy awareness and guidance on unfair trade practices and import surges, together with institutional support, partnerships and trade-exhibition participation, can strengthen global competitiveness and integration into global value chains.
    July 16, 2026
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    Reciprocal tariff measures and multilateral dispute settlement are pursued in response to contested import duties.
    Reciprocal tariff measures are proposed in response to a new tariff on specified Brazilian imports allegedly involving unfair trade practices. Brazil rejects those allegations and proposes to use its reciprocity-law mechanisms, including reciprocal tariffs and other trade-related countermeasures, while pursuing multilateral dispute settlement. It maintains that trade investigations must conform to multilateral international-trade rules and notes that the tariff may burden exports and increase commercial uncertainty.
    July 16, 2026
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    Section 301 tariff authority offers a procedurally constrained route to replace temporary global import tariffs after emergency powers failed.
    Import-tariff authority is shifting from emergency-based measures to temporary and investigatory powers under the Trade Act of 1974. Section 122 supports a global tariff measure only for a limited period, whereas Section 301 permits tariffs or trade sanctions for unjustifiable, unreasonable, or discriminatory foreign trade practices after required public-comment and hearing procedures. Current Section 301 investigations concern forced-labour imports and alleged overproduction by trading partners. A more rule-bound tariff framework may reduce, but not eliminate, commercial uncertainty, and broad use of Section 301 for near-universal tariffs may face legal challenge.

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      ₹1,65,105 crore gross GST revenue collected for July 2023; records 11% Year-on-Year growth

      August 1, 2023

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      Gross GST collection crosses ₹1.6 lakh crore mark for 5th time since inception of GST

      Revenues from domestic transactions (including import of services) are 15% higher Year-on-Year

      The gross GST revenue collected in the month of July, 2023 is ₹1,65,105 crore of which CGST is ₹29,773 crore, SGST is ₹37,623 crore, IGST is ₹85,930 crore (including ₹ 41,239 crore collected on import of goods) and cess is ₹11,779 crore (including ₹ 840 crore collected on import of goods).

      The government has settled ₹39,785 crore to CGST and ₹33,188 crore to SGST from IGST. The total revenue of Centre and the States in the month of July 2023 after regular settlement is ₹69,558 crore for CGST and ₹70,811 crore for the SGST.

      The revenues for the month of July 2023 are 11% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 15% higher than the revenues from these sources during the same month last year. It is for the fifth time, the gross GST collection has crossed Rs. 1.60 lakh crore mark.  

      The chart below shows trends in monthly gross GST revenues during the current year. The table-1 shows the state-wise figures of GST collected in each State during the month of July 2023 as compared to July 2022 and table-2 shows the SGST and SGST portion of the IGST received/settled to the States/UTs in July’2023.

      State-wise growth of GST Revenues during July 2023[1] (Rs. in crore)

      State/UT

      July’22

      July’23

      Growth(%)

      Jammu and Kashmir

      431

      549

      27

      Himachal Pradesh

      746

      917

      23

      Punjab

      1733

      2000

      15

      Chandigarh

      176

      217

      23

      Uttarakhand

      1390

      1607

      16

      Haryana

      6791

      7953

      17

      Delhi

      4327

      5405

      25

      Rajasthan

      3671

      3988

      9

      Uttar Pradesh

      7074

      8802

      24

      Bihar

      1264

      1488

      18

      Sikkim

      249

      314

      26

      Arunachal Pradesh

      65

      74

      13

      Nagaland

      42

      43

      3

      Manipur

      45

      42

      -7

      Mizoram

      27

      39

      47

      Tripura

      63

      78

      23

      Meghalaya

      138

      175

      27

      Assam

      1040

      1183

      14

      West Bengal

      4441

      5128

      15

      Jharkhand

      2514

      2859

      14

      Odisha

      3652

      4245

      16

      Chhattisgarh

      2695

      2805

      4

      Madhya Pradesh

      2966

      3325

      12

      Gujarat

      9183

      9787

      7

      Daman and Diu

      313

      354

      13

      Dadra and Nagar Haveli

      Maharashtra

      22129

      26064

      18

      Karnataka

      9795

      11505

      17

      Goa

      433

      528

      22

      Lakshadweep

      2

      2

      45

      Kerala

      2161

      2381

      10

      Tamil Nadu

      8449

      10022

      19

      Puducherry

      198

      216

      9

      Andaman and Nicobar Islands

      23

      31

      32

      Telangana

      4547

      4849

      7

      Andhra Pradesh

      3409

      3593

      5

      Ladakh

      20

      23

      13

      Other Territory

      216

      226

      4

      Center Jurisdiction

      162

      209

      29

      Grand Total

      106580

      123026

      15

      [1] Does not include GST on import of goods

      Amount of SGST & SGST portion of IGST settled to States/UTs in July’2023 (Rs. in crore)

      State/UT

      SGST collection

      SGST portion of IGST

      Total

      Jammu and Kashmir

      234

      429

      663

      Himachal Pradesh

      233

      285

      518

      Punjab

      727

      1138

      1865

      Chandigarh

      57

      133

      190

      Uttarakhand

      415

      210

      625

      Haryana

      1610

      1256

      2866

      Delhi

      1221

      1606

      2827

      Rajasthan

      1380

      1819

      3199

      Uttar Pradesh

      2751

      3426

      6176

      Bihar

      718

      1469

      2187

      Sikkim

      30

      53

      83

      Arunachal Pradesh

      37

      113

      150

      Nagaland

      18

      70

      88

      Manipur

      23

      58

      80

      Mizoram

      22

      57

      79

      Tripura

      40

      86

      125

      Meghalaya

      50

      99

      149

      Assam

      451

      696

      1146

      West Bengal

      1953

      1531

      3483

      Jharkhand

      721

      330

      1051

      Odisha

      1300

      416

      1716

      Chhattisgarh

      627

      382

      1009

      Madhya Pradesh

      1045

      1581

      2626

      Gujarat

      3293

      1917

      5210

      Dadra and Nagar Haveli and Daman and Diu

      56

      29

      85

      Maharashtra

      7958

      4167

      12124

      Karnataka

      3181

      2650

      5831

      Goa

      173

      146

      320

      Lakshadweep

      2

      13

      14

      Kerala

      1093

      1441

      2534

      Tamil Nadu

      3300

      2119

      5419

      Puducherry

      41

      57

      99

      Andaman and Nicobar Islands

      11

      25

      37

      Telangana

      1623

      1722

      3345

      Andhra Pradesh

      1199

      1556

      2755

      Ladakh

      11

      47

      58

      Other Territory

      19

      55

      75

      Grand Total

      37623

      33188

      70811

       

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