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    Protection in predicate offence doesn't automatically extend to PMLA case: Delhi HC
    DFS Concludes Two-Day Workshop on Enhancing Accessibility of Financial Services for Divyangjans
    National Financial Reporting Authority (NFRA) conducts sixth outreach programmes with focus on small and medium auditors under the theme “Creating a...
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August 22, 2026
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Independent PMLA proceedings require separate anticipatory bail assessment; predicate-offence protection alone cannot establish pre-arrest protection.
Protection in a predicate-offence FIR does not automatically extend to independent PMLA proceedings. Anticipatory bail in a money-laundering investigation must be assessed under the applicable PMLA condition and on the material connecting the applicant to alleged proceeds of crime. Relevant considerations include the financial trail, recorded statements, bank-account analysis, compliance with summonses, cooperation with inquiry, and the need for personal participation in evidence collection and confrontation with documentary and digital material.
August 22, 2026
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Financial accessibility for Divyangjans requires compliance standards, practical implementation measures and stronger institutional capacity across financial services.
Accessibility of financial services for Divyangjans was examined through a workshop focused on public sector banks, insurance companies, regulators and public financial institutions. Discussions covered accessibility standards, compliance requirements, legal provisions, practical implementation challenges and institutional best practices under the Sugamya Bharat initiative. Participants considered operational measures to strengthen institutional capacity, inclusivity and equitable access to financial services.
August 22, 2026
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Audit quality enhancement for small and medium auditors emphasises technology, global standards, inspection insights and stronger financial reporting.
Audit quality and financial reporting reliability were the focus of NFRA's outreach programme for small and medium audit firms. The programme promoted professional capacity-building, alignment with contemporary global standards, adoption of appropriate audit technology, and the public-interest role of the accountancy profession. Technical sessions covered audit strategy documentation, risks of material misstatement, and practical lessons from audit-firm oversight to support improved day-to-day audit practice and high-quality financial reporting.
August 22, 2026
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Cartelisation by agro-input dealer associations attracted monetary sanctions, cease-and-desist directions, and mandatory competition-compliance training for responsible officials.
Cartelisation by the two agro-input dealer associations and named individuals contravened Section 3(3)(b) read with Section 3(1) of the Competition Act, 2002. Monetary sanctions were imposed, and association office-bearers were held liable under Section 48. The parties and liable officials were directed to cease and desist from future anti-competitive conduct and to organise competition-compliance training to promote awareness and compliance within the associations.
August 22, 2026
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Circular economy partnerships promote resilient value chains, resource efficiency and sustainable growth alongside evolving India-EU trade integration.
India-Finland circular economy cooperation is being developed through business, technology, investment and commercial partnerships supporting resource-efficient and sustainable growth. Discussions focused on competitive and resilient value chains based on circularity, traceability, resource efficiency and sustainable business practices. Circular economy principles extend beyond waste management into product design, value chains, resource use, skills development and new business models. The India-EU free trade agreement remains subject to legal review and formal ratification and is not yet in force.
August 22, 2026
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Bid rigging through pre-bid exchange of sensitive price information attracted penalties and cease-and-desist directions in tyre procurement.
Bid rigging in tyre procurement was established where Rekha Agencies and SS Marketing exchanged commercially sensitive price-bid information before submitting bids for the Himachal Pradesh Tender 2013. The concerted conduct contravened the prohibition on anti-competitive agreements and bid rigging. Monetary penalties and cease-and-desist directions were imposed on both enterprises. An official of Rekha Agencies was also penalised for liability arising from the contravention, while proceedings against the official of SS Marketing stood abated following his death.
August 22, 2026
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Import tariffs on Canadian products trigger potential retaliatory levies after bilateral negotiations fail to reach agreement.
Import tariffs on Canadian products are set to be imposed by the United States at a 50% rate after bilateral negotiations did not produce an agreement. The measures cover products including hockey sticks and tongue depressors and affect a limited share of Canada's annual exports to the United States. Canada has indicated possible retaliatory levies, intensifying the bilateral trade dispute.
August 21, 2026
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Rupee exchange-rate movement reflected geopolitical tensions, crude oil conditions and market intervention, while export payment rules expanded rupee invoicing.
Foreign Trade Policy amendments facilitate export invoicing and receipt of payments in Indian rupees. For exports to countries outside the Asian Clearing Union, export contracts and invoices may be denominated in Indian rupees or any foreign currency. The earlier general requirement that export earnings be received in a freely convertible currency is thereby eased, while applicable rules continue to vary according to destination.
August 21, 2026
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Non-controlling land-bordering country ownership permits eligible foreign investment through the automatic route, subject to sectoral conditions and reporting.
Foreign direct investment may use the automatic route where non-controlling beneficial ownership from a land-bordering country in the investor entity does not exceed 10%, subject to sectoral caps, entry routes and other applicable conditions. The beneficial ownership test applies at the investor-entity level. Eligible investors need not obtain separate prior Government approval after reporting relevant information to the Government. The framework replaces the earlier approval requirement applicable even to minimal beneficial ownership from land-bordering countries.
August 21, 2026
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Climate-resilient urban water security modernises Chennai's supply and sanitation systems through ring-main infrastructure, digital monitoring, and safer sewer operations.
Chennai Climate-Resilient Water Security and Sewerage Project modernises and expands water supply and sanitation infrastructure through a loan arrangement between the Government of India and the Asian Development Bank. Measures include new pipelines, upgraded pumping stations, performance-based utility operations, and a comprehensive ring-main system to improve water-pressure balance, distribution efficiency, reliability and climate resilience. Digital monitoring and advanced blockage-detection technology are intended to improve operational decisions, customer responsiveness and worker safety while eliminating hazardous manual sewer inspections.
August 21, 2026
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Capacity-based taxation targets undeclared pouch-packing machinery used for clandestine pan masala and tobacco production and untaxed clearances.
Capacity-based taxation of pan masala and specified tobacco products is determined by the number, type and capacity of installed pouch-packing machines. Searches at interconnected manufacturing and trading premises detected unregistered operations using undeclared machinery for clandestine manufacture and clearance of pan masala, scented jarda and gutkha without payment of GST, HSNS cess and central excise duty. Finished goods, raw materials, packing materials and machinery were seized. The manufacturing firm's proprietor was prima facie identified as managing the operation and was arrested under the applicable cess and central excise laws.
August 21, 2026
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Technology risk oversight requires Urban Co-operative Banks to retain accountability while building shared and role-specific capabilities.
Urban Co-operative Banks must strengthen digital and risk-management capabilities as technology dependence exposes them to cyber threats, fraud, service-provider failures and common-platform vulnerabilities. Outsourcing critical systems does not transfer the bank's responsibility for oversight, safeguards and continuity. Boards and senior management must retain sufficient knowledge to supervise external providers effectively. Mission SAKSHAM supports role-specific, continuous capability building through physical and online learning, while collective infrastructure and shared expertise can supplement individual institutional capacity.
August 21, 2026
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Foreign exchange market modernisation prioritises delegated decisions, customer transparency, digital workflows, local-currency settlement and accountable risk management.
Foreign exchange market modernisation advances a facilitative, principles-based framework based on delegated decision-making by Authorised Dealers, risk-based reporting, and customer-centric service standards. Authorised Dealers must apply clear internal policies, avoid unnecessary documentation, disclose charges, timelines and grievance mechanisms, and ensure consistent treatment of comparable transactions. Local-currency settlement requires viable trade corridors, competitive hedging, correspondent relationships and robust AML/CFT controls. Digital workflows, electronic trading and reporting infrastructure should improve transparency and resilience, while automated tools remain subject to explainability, review and data-protection safeguards.
August 21, 2026
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Sugar price containment measures restrict stockholding, permit duty-free imports, and strengthen inventory verification to deter hoarding.
Sugar price containment measures include stock limits for dealers, consumption-based inventory restrictions for bulk consumers, duty-free raw sugar imports, and physical verification of mill stocks to prevent hoarding and artificial scarcity. Price increases are attributed to lower domestic output, festive demand, crop damage, tighter global supplies, and speculation rather than sugar diversion for ethanol. Earlier crushing is advised to improve seasonal availability, while the ethanol programme supports management of sugar surpluses, mill liquidity, and timely sugarcane payments.
August 21, 2026
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Cross-border insolvency enforcement constrains asset recovery as Evergrande liquidation, founder asset confiscation, and audit-related claims continue.
Evergrande's insolvency process involves liquidation proceedings for its mainland property-development unit and its Hong Kong-listed holding company. Cross-border recovery is constrained by separate Hong Kong and mainland China legal systems, particularly because most operational assets are located in mainland China. Liquidators are pursuing asset-tracing and recovery measures against the founder and connected persons, as well as claims concerning pre-collapse audits. Investigations identified revenue overstatement through manipulated financial data. Creditor recoveries are expected to be limited due to substantial liabilities and constraints on asset realisation.
August 21, 2026
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Foreign exchange reserves rose through higher currency assets and gold holdings amid measures to attract external forex inflows.
India's foreign exchange reserves increased during the reporting week, led by higher foreign currency assets and gold reserves. Foreign currency assets include the dollar-value effects of movements in non-US currencies held as reserves. Special drawing rights declined marginally, while the reserve position with the International Monetary Fund increased marginally. Concessional swap arrangements formed part of measures to attract foreign-exchange inflows, while earlier reserve movements were linked to rupee pressure and dollar-sale intervention in the foreign-exchange market.
August 21, 2026
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Incremental tariff recovery aligns airport user charges with completed infrastructure, preventing passengers from funding non-operational capital projects prematurely.
User development fees and airport tariffs for Bengaluru International Airport have been revised for the April 2026 to March 2031 control period. The incremental Average Revenue Requirement framework excludes costs of identified high-value capital projects from tariffs until the relevant assets are completed, commissioned and available for users. Incremental tariff recovery may begin only upon operational availability, aligning charges with infrastructure use, reducing premature recovery risk for passengers and airlines, and encouraging timely completion of major capital works.
August 21, 2026
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Customer experience analytics enables banks to convert real-time feedback into operational improvements across high-value customer journeys.
Customer experience analytics is used in banking to transform customer data and real-time feedback into operational improvements across key customer journeys. Operational teams retain responsibility for strategy and execution, supported by in-house analytics and technology platforms for multi-channel journey mapping, journey analytics and prioritisation of high-value customer segments. AI-driven customer experience management tools capture customer signals, analyse journey performance and operationalise actionable insights across teams.
August 21, 2026
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Predicate-offence dependency limits retrospective addition of old FIRs to preserve money-laundering proceedings after the original scheduled offence is closed.
Predicate-offence dependency under the Prevention of Money Laundering Act requires an ECIR to rest on a subsisting scheduled offence. Closure of the FIR forming its basis through an accepted cancellation report prevents continuation of money-laundering proceedings unless that closure is overturned. A previously registered FIR cannot be belatedly added merely to preserve an existing ECIR and coercive powers. Where statutory requirements are met, an independently registered ECIR may be required. Expansion of an ECIR cannot rest solely on tenuous factual links between successive disputes.
August 21, 2026
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Indian rupee export invoicing rules now permit overseas contracts and invoices in rupees or foreign currency for eligible destinations.
Foreign Trade Policy provisions were amended to facilitate invoicing of overseas exports and receipt of export payments in Indian rupees. For exports to countries outside the Asian Clearing Union, export contracts and invoices may be denominated in Indian rupees or any foreign currency, replacing the earlier general requirement that export earnings be received in a freely convertible currency. The applicable requirements vary according to the destination country.

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Customs, DGFT & SEZ

Department of Commerce holds Chintan Shivir on FTA Strategy and SOP for Trade Negotiations

May 28, 2024

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Economic Assessment and Modelling of FTAs, Services and Digital Trade in FTAs, and Leveraging India’s FTAs to address emerging areas like AI, critical minerals discussed

Department of Commerce, Ministry of Commerce and Industry in collaboration with Centre for Trade and Investment Law (CTIL), Indian Institute of Foreign Trade, New Delhi organised a Chintan Shivir on Free Trade Agreement Strategy and SOP for Trade Negotiations from 16 to 17 May 2024 at Neemrana, Rajasthan.

The Two-Day Chintan Shivir facilitated discussions on various issues related to negotiations of Free Trade Agreements (FTAs) by India, its position and strategy that should be adopted for such negotiations. The attendees also deliberated on standard operating procedures (SoP) for FTA negotiations, capacity building and resource management for trade negotiations as well as certain contemporary issues under modern FTAs such as labour, environment, gender etc.

Commerce Secretary, Shri Sunil Barthwal spearheaded the Chintan Shivir, seeking to chart a strategic course for India's future engagement in FTA negotiations. The program drew active participation of senior government officials involved in India’s FTA negotiations from various Ministries, Departments, and Agencies of Government of India. Eminent speakers at the event included former senior officials of the Government of India, esteemed national and international experts in FTA negotiations, venerable academicians, and seasoned legal professionals. Their presentations were embellished with invaluable insights, enriching the discourse with profound expertise and depth of knowledge.

The Chintan Shivir unfolded across six dynamic sessions and one roundtable, each delving into critical themes: (1) Economic Assessment and Modelling of FTAs; (2) Addressing New Disciplines into FTAs such as Labour, Environment, Gender, Indigenous Peoples, etc.; (3) Services and Digital Trade in FTAs; (4) Standard Operating Procedures for FTA Negotiations including Stakeholder Consultations; (5) Capacity Building and FTA resource management; and (6) Leveraging India’s FTAs to address emerging areas such as CBAM, Supply Chain disruptions, Critical Minerals, Artificial Intelligence, etc.

The ‘Roundtable with Former Secretaries and Ambassadors on FTA Strategy’, comprising of Shri Rajeev Kher (Chair), Former Commerce Secretary, Govt. of India; Amb. Ujal Singh Bhatia, Former Appellate Body Member and Chair, WTO; Dr. Anup Wadhawan, Former Commerce Secretary, Govt. of India; Amb. (Dr.) Jayant Das Gupta, Former Ambassador/PR to the WTO; and Shri Sudhanshu Pandey, Former Secretary, Department of Food & Public Distribution, Govt. of India and Election Commissioner for UTs, discussed how Indian FTAs must be driven by balancing geopolitics and geoeconomics, and focused on how regionalism (regional trade agreements) should complement multilateralism (global trade agreements), with regional aspirations stemming from multilateral efforts. The roundtable also identified that FTAs should foster value chain development, and the importance of integrating non-trade issues (e.g., Trade and Sustainable Development - TSD) crucial for market access, as seen in chapters negotiated with, for example EFTA. Lastly, the roundtable highlighted that effective stakeholder consultations ensure realistic and attainable goals and a balanced approach to trade and industrial policies can optimise trade negotiations and outcomes.

Session 1 on ‘India’s FTA Strategy and Economic Assessment and Modelling’, highlighted that detailed economic studies, including models like Computable General Equilibrium (CGE), are necessary to guide FTA negotiations; and how economic models help build negotiation narratives but must be used with an understanding of their assumptions and limitations thereof. The participants also discussed how negotiating investment and trade together can create synergies, and the need for careful consideration of trade policy and the industrial policy together.

Session 2 on ‘Inclusion of New Disciplines into FTAs’ provided an opportunity for participants to explore and understand the implications of new areas such as TSD (including Environment, Labour, Gender, Indigenous Peoples) in trade agreements, the issues involved in enforcing domestic laws and ratifying international treaties; different approaches followed by developed countries for these areas (US and EU models); and the challenges involved in defining policy space, law enforcement, civil society involvement. Among others, some of the solutions suggested by participants included constructive engagement with stakeholders, supporting identification of measures and possible way out, and exploring pilot projects for implementation of those commitments.

Session 3 on ‘Services and Digital Trade in FTAs’ highlighted the significance of services trade, especially cross-border supply (Mode 1), the challenges of data sovereignty, consumer protection and cybersecurity, and the choice between positive and negative listing approaches in services commitments having impact on transparency and negotiation outcomes. The session also explored India’s data adequacy issues under EU GDPR and significant challenges posed by the evolving landscape of e-commerce and digital trade. The speakers also emphasised on how leveraging critical and emerging technologies through initiatives like India-EU TTC and US-India iCET can boost trade prospects for India.

In Session 4 on ‘Standard Operating Procedures for FTA Negotiations including Stakeholder Consultations’, speakers and participants discussed evolution and drafting of SOP and its benefits in enhancing the objectives of trade agreements and creating documentational or institutional memory for future negotiations. Participants discussed the challenge of on-the-spot drafting requiring mechanisms to draft agreements in real-time during negotiations to ensure clarity and immediate consensus, and how the negotiators can ensure that commitments undertaken are pre-approved. The discussions highlighted that relevant stakeholder consultations are essential for inclusive and supportive outcomes, how the stakeholders provide critical insights and hence continuous outreach to stakeholders is necessary to keep them informed and engaged. The participants also explored robust resource management strategies and its implementation, to prevent overstraining, and ensuring proactive problem-solving thereby providing useful and constructive attributions.

Session 5 on ‘Capacity Building and FTA resource management’ identified that FTAs play a critical role in enhancing national security by establishing strong economic ties and creating frameworks for regulatory cooperation. It also acknowledged that modern FTAs address complex issues beyond traditional trade, including digital trade, data protection, and environmental standards. Speakers highlighted the importance of interdisciplinary support noting that successful negotiations require expertise in law, economics, data analytics, and industry specific knowledge and how gathering expert opinions and insights from various sectors enhances the negotiation process. Participants explored ways to utilise the resources of India’s embassies/missions abroad, towards leveraging on-ground insights from embassies which would help understand the regulatory regimes of partner countries.

Discussions in Session 6 on ‘Leveraging India’s FTAs to address emerging areas’ focused on supply chain disruptions, critical minerals, capacity building, de-globalisation and geopolitical influence. Session discussions identified that FTAs can be used as tools to enhance supply chain resilience, ensuring stability and sustainability in trade relationships. It also emerged during discussions that India should negotiate a dedicated chapter on Critical Minerals or Critical Minerals-based agreements specially with such mineral-rich countries to protect India from abrupt disruption in supply chain. The session also noted that the global trend towards partial de-globalisation and the use of industrial policy as a cover for protectionism, and geopolitics now play equally an influential role that of geoeconomics in shaping trade policies. The session suggested that India should use FTAs to build resilient supply chains, focus on capacity building and interdisciplinary expertise, and adapt to the current trend of partial de-globalisation and geopolitical influences.

The Chintan Shivir ended with wrap-up session and report of the event and special remarks by Shri Sunil Barthwal and Additional Secretary, Department of Commerce, Shri Rajesh Agrawal. The event brainstormed various suggestions on formulating India’s FTA strategies and for adopting the standard operating procedures for enhancing India’s FTA preparedness.

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