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    Fourth Edition of National Conference on Responsible Business Conduct (NCRBC) 2026 Concludes in New Delhi
    DRI seizes 15 kg methamphetamine, 4 kg pseudoephedrine, 85 lakh smuggled cigarettes, and 2 drone-dropped Pakistan-made pistols in nationwide operation...
    DRI intensifies crackdown on precious metals smuggling; seizes 15 kg smuggled gold, 20 kg silver and ₹2 crore cash in nationwide operations; 13 ...
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    Trump wants Iran added to Russia sanctions bill
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    Indian-origin woman sentenced to 2 years jail over Covid business loan fraud in UK
    Onion growers welcome agri market near Vadhvan port, urge govt to develop Nashik as export hub
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    India'€™s forex kitty jumps USD 964 mn to USD 675.15 bn
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    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
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    July 20, 2026
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    Responsible business conduct requires credible ESG disclosures, sector-specific reporting, supply-chain due diligence and inclusive MSME participation for sustainable development.
    Responsible business conduct and ESG integration were presented as constitutional and legal obligations connected with environmental protection, social equity, human dignity and sustainable development. ESG was discussed as extending beyond compliance to support resilience, risk management and sustainable innovation. Key priorities included credible, comparable and reliable disclosures; sector-specific reporting responsive to materiality and data gaps; responsible value-chain due diligence; MSME capacity-building; technology-enabled traceability; credible assurance; and rigorous, comparable environmental metrics. Capacity-building, policy research and partnerships were identified as important to advancing inclusive ESG adoption.
    July 20, 2026
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    Intelligence-led anti-smuggling enforcement disrupts narcotics, illicit tobacco and cross-border arms trafficking through coordinated seizures and arrests.
    Intelligence-led operations addressed narcotics smuggling, illicit tobacco trade and cross-border arms trafficking. Methamphetamine allegedly smuggled from Myanmar and pseudoephedrine intended for illegal export were seized, with arrests made under the NDPS Act, 1985. An import container falsely declared as carrying plastic storage boxes contained smuggled foreign-made cigarettes. Drone-dropped parcels containing Pakistan-made pistols were recovered near the international border and handed to jurisdictional police for action under the Arms Act, 1959.
    July 20, 2026
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    Precious-metals smuggling enforcement targets concealed gold transport, illicit sale proceeds and airport insider facilitation networks.
    Organised precious-metals smuggling was targeted through intelligence-led operations involving seizures of foreign-origin gold, silver and cash believed to represent sale proceeds, with arrests of persons allegedly connected with possession, transport and facilitation of smuggled goods. The operations addressed concealment in luggage-frame rods, undergarments and specially fabricated vehicle cavities, and included alleged airport-staff assistance in clandestinely removing smuggled gold during passenger transit.
    July 20, 2026
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    India-EU economic cooperation advances through FTA implementation, investment facilitation, digital partnerships, manufacturing collaboration and market-access discussions across Europe.
    India advanced economic engagement with European partners through discussions on trade, investment, technology cooperation, manufacturing, digital infrastructure and market access. The engagements emphasised early signing and implementation of the India-EU Free Trade Agreement, investment protection, geographical indications, regulatory cooperation and professional mobility. Cooperation initiatives included digital payments interoperability, artificial intelligence, advanced manufacturing, clean energy, cybersecurity, fintech, telecom, research and supply-chain resilience. European businesses were encouraged to establish India as a manufacturing, innovation and export hub, including through opportunities for MSMEs, startups and future-oriented sectors.
    July 19, 2026
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    Russian oil purchase tariffs would target major buyers and sanctions-evasion facilitators, with specified energy, nuclear and cooperation exemptions.
    Proposed United States legislation on Russian sanctions would impose tariffs on imports from countries identified as major purchasers of Russian crude oil or natural gas or leading facilitators of Russian oil-sanctions evasion. It provides for periodic reassessment and tariff adjustment based on purchasing behaviour, while exempting specified reduced natural-gas imports, United States uranium purchases for nuclear and medical needs, and certain nuclear and space cooperation. The revised proposal also addresses sanctions-evasion fleets and Chinese support for Russia's defence industrial base.
    July 18, 2026
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    Corporate governance and asset quality improvements accompany stronger banking profitability amid continuing leadership reappointment considerations.
    Banking-sector performance reporting records higher profitability, improved asset quality and lower provisions for bad loans, although operating profit declined and capital adequacy moderated. Corporate governance developments include appointment of a part-time chairman following the former chairman's resignation and concerns about internal practices. The chairman's prior financial-services role was associated with actions against shell companies and ponzi schemes targeting black-money structures. Reappointment of the managing director and chief executive officer remains subject to committee consideration.
    July 18, 2026
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    Covid business loan fraud involved inflated turnover, duplicate applications, personal diversion, and criminal sentencing with recovery action.
    Covid business loan fraud involved false Bounce Back Loan applications based on inflated turnover, duplicate claims, and false declarations that funds would be used solely for business purposes. The loan proceeds were diverted to personal accounts for personal debts, personal finance, stocks and shares, and transfers between company accounts. The borrower pleaded guilty to fraud offences, received a custodial sentence, and faces recovery proceedings for the fraudulently obtained funds under the Proceeds of Crime Act 2002.
    July 18, 2026
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    Onion export infrastructure: growers seek a Nashik export hub, dedicated terminal and logistics link to global markets.
    Onion growers seek development of Nashik as a National Onion Export Hub linked to the proposed agricultural market near Vadhvan port. The proposed framework includes an onion export terminal, grading, sorting, packing, quality testing and customs-clearance facilities, and rail, container and cold-chain logistics. Additional requests include a stable national onion export policy, support for processing industries, direct farmer producer organisation participation in exports, an export promotion cell, and a training, research and export-guidance centre.
    July 18, 2026
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    EXIM operations at Vizhinjam will establish an international cargo gateway while retaining open-access common-user port services.
    Full export-import (EXIM) operations at Vizhinjam International Seaport are scheduled to commence from August 18, transitioning the port from a transshipment hub into an international cargo gateway. The launch is intended to reduce logistics costs, improve supply-chain efficiency, enhance export competitiveness, and support investment and employment. The port will continue as an open-access, common-user facility serving shipping companies on an equal basis.
    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.
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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.

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      Trump administration lays off probationary govt workers, warns others of large cuts to come

      February 14, 2025

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      Washington, Feb 14 (AP) The Trump administration has intensified its sweeping efforts to shrink the size of the federal workforce, the US' largest employer, by ordering agencies to lay off nearly all probationary employees who had not yet gained civil service protection — potentially affecting hundreds of thousands of workers.

      In addition, workers at some agencies on Thursday were warned that large workplace cuts would be coming.

      The decision on probationary workers, who generally have less than a year on the job, came from the Office of Personnel Management, which serves as a human resources department for the federal government. The notification was confirmed by a person familiar with the matter, who spoke on condition of anonymity because they were not authorised to discuss it publicly.

      It's expected to be the first step in sweeping layoffs. President Donald Trump signed an executive order Tuesday that told agency leaders to plan for “large-scale reductions in force”.

      Elon Musk, whom President Trump has given wide leeway to slash government spending with his Department of Government Efficiency, called Thursday for the elimination of whole agencies.

      “I think we do need to delete entire agencies as opposed to leave a lot of them behind,” Musk said via a videocall to the World Governments Summit in Dubai, United Arab Emirates. “If we don't remove the roots of the weed, then it's easy for the weed to grow back.” Paul Light, an expert on the federal government and professor emeritus of public service at New York University, said it seemed like the administration was “inventing new methods for destroying government capacity”.

      “You're basically harassing your own workforce at the end of the day,” he said. “You're undermining the engine that you want to run.” Layoffs are unlikely to yield significant deficit savings. When the Congressional Budget Office looked at the issue, it found the government spent $271 billion annually compensating civilian federal workers, with about 60% of that total going to workers employed by the departments of Defence, Homeland Security and Veterans Affairs.

      The government could, in theory, have cut all those workers and still run a deficit of over $1 trillion that would continue to grow as tax revenues are needed to keep up with the growing costs of Social Security and Medicare.

      Thursday's order was an expansion of previous directions from OPM, which told agencies earlier this week that probationary employees should be fired if they weren't meeting high standards. It's not clear how many workers are currently in a probationary period. According to government data maintained by OPM, as of March 2024, 220,000 workers had less than a year on the job — the most recent data available.

      The firing of probationary employees began earlier this week and has included Consumer Financial Protection Bureau and the Department of Education workers.

      At least 39 were fired from the Education Department on Wednesday, according to a union that represents agency workers, including civil rights workers, special education specialists and student aid officials.

      The layoffs also hit Department of Veterans Affairs researchers working on cancer treatment, opioid addiction, prosthetics and burn pit exposure, US Senator Patty Murray, a Democrat, said Thursday.

      “I'm hearing from longtime VA researchers in my home state of Washington who are right now being told to immediately stop their research and pack their bags,” Murray said in a statement, “not because their work isn't desperately needed, but because Trump and Elon have decided to fire these researchers on a whim.” Public Employees for Environmental Responsibility, a group that defends government workers, said the Agriculture Department's Food Safety and Inspection Service would be hit especially hard by laying off probationary employees because it has trouble recruiting inspectors required to be present at all times at most slaughterhouses.

      “Firing any probationary employees would be a big kick in the gut to those that do very gruelling and difficult work,” PEER's executive director, Tim Whitehouse, said. “It would make our food system less safe and cause consumer confidence in the safety of our food supply to dip.” The civilian federal workforce, not including military personnel and postal workers, is made up of about 2.4 million people. While about 20% of the workers are in Washington DC, and the neighbouring states of Maryland and Virginia, more than 80% live outside the Capitol region.

      Trump's initial attempt to downsize the workforce was the deferred resignation programme, commonly described as a buyout, which offered to pay people until Sept. 30 if they agreed to quit. The White House said 75,000 people signed up, and a federal judge cleared a legal roadblock for the program on Wednesday.

      However, the number of workers who took the offer was less than the administration's target, and Trump has made it clear he would take further steps.

      Employees at the National Science Foundation and Housing and Urban Development Department were told this week that large reductions, in some cases a halving of the workforce, would be coming, according to a person familiar with the situation who spoke on condition of anonymity because they were not authorized to discuss it.

      The National Science Foundation was told to expect a 25% to 50% reduction in force within two months, while the Housing and Urban Development Department was told to plan for a 50% reduction, the person said.

      Employees at the National Oceanic and Atmospheric Administration were also bracing Thursday for reductions in their workforce.

      The order Trump signed Tuesday stipulated that government functions not required by law would be prioritised for cuts and hiring will be restricted. With exceptions for functions such as public safety, only one employee can be added for every four that leave. In addition, new hires would generally need the approval from a representative of the DOGE, expanding the influence of Musk's team.

      Trump, speaking to reporters later at the White House, praised Musk's work to slash federal spending.

      “We're looking for waste, fraud and abuse,” he said. “That's what Elon is working so hard on.” The Republican president has also been sharply critical of federal workers, especially those who want to keep working remotely, though his administration is simultaneously working to cut federal office space and ordering the termination of worksite leases throughout the government.

      “Nobody is gonna work from home,” Trump said Monday. “They are gonna be going out, they're gonna play tennis, they're gonna play golf, they're gonna do a lot of things. They're not working.” (AP) SCY SCY

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