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    India warns that Washington's Russia sanctions bill holds implications for bilateral ties, energy market
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September 17, 2026
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Sanctions bill permits punitive tariffs on oil and gas trading partners, raising energy-market and bilateral relationship concerns.
United States sanctions bill concerning Russia would authorize the President to impose sanctions on Russia and punitive tariffs of up to 100 per cent on nations importing Russian crude oil. The tariff mechanism may affect oil and gas trading partners, bilateral relations and global energy markets, with concern expressed over its implications for energy trade.
September 17, 2026
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Secondary sanctions on Russian energy trade could expose major crude importers to punitive tariffs and economic pressure.
Congressional legislation targeting Russia and Iran would authorise sanctions against Russia's leadership, energy sector, and vessels facilitating evasion of oil-delivery restrictions. It would also permit punitive tariffs of up to 100 per cent on leading trading partners continuing to import Russian oil and gas. India has identified possible effects on bilateral economic relations and the international energy market, while maintaining that diversified sourcing is necessary for energy security and that its trade and economic interests will be protected.
September 17, 2026
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Trust-nominated director consent shapes the contested chairmanship reappointment as regulatory classification renews pressure to consider a stock-market listing.
Validity of the reappointment is therefore contested under the company's internal governance framework despite the majority board vote, and the appointment is expected to be considered for ratification at the annual general meeting. The dispute also concerns the distinction between shareholder influence and directors' decision-making duties. A Trust sought to direct its nominee director to oppose a listing, but the director declined on the basis of independent director duties.
September 17, 2026
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Selective capital reduction offers a proposed shareholder-liquidity route while preserving private-company status, subject to valuation and approval scrutiny.
Tata Trusts has placed before the Tata Sons board a framework for the Shapoorji Pallonji Group to monetise part of its Tata Sons shareholding without requiring a public listing. The transaction would be valued under Rule 11UA principles, completed in two tranches over 18 months, and require Tata Sons to commence a selective capital reduction process before the National Company Law Tribunal. Completion remains contingent on financing capacity, regulatory and tribunal approvals, and scrutiny of valuation, shareholder treatment, and the legal validity of the capital-reduction structure.
September 17, 2026
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Board chair reappointment validity turns on mandatory nominee-director approval, amid separate listing-compliance and succession disputes.
Tata Sons' board reappointed its executive chairman by majority vote, but Tata Trusts contend that the resolution is void under the Articles of Association because both Trust-nominated directors must approve a chairmanship resolution. The dispute also concerns the effect of the chairman's earlier decision to step aside, an ongoing successor-selection process, and uncertainty over a nominee director's status following a failed general meeting. Separately, the rejection of Tata Sons' deregistration request has revived questions over compliance with the listing requirement applicable to an upper-layer non-banking financial company.
September 17, 2026
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Deep-sea fishing access supports export-oriented harvesting of high-value species, with foreign-port high-seas landings recognised as exports.
Deep-sea fishing policy promotes expansion of fishing operations within India's Exclusive Economic Zone (EEZ) and on the high seas to increase fisherfolk income through exports of high-value species. High-seas catch classification has been altered so that fish caught on the high seas and offloaded at a foreign port are treated as exports rather than imports.
September 17, 2026
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Merchant discount rate on eligible UPI payments places charges on merchants while preserving consumer protections and small merchant exemptions.
Merchant Discount Rate at 0.4 per cent will apply from October 15 to person-to-merchant UPI payments above Rs 2,000, payable by merchants and subject to a cap for high-value transactions. Individual transfers and most everyday merchant payments remain free, while eligible small QR-code merchants are exempt. Essential-service payments and capital-market transactions receive separate fee treatment, and a portion of MDR collections will support small-merchant UPI adoption.
September 17, 2026
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Board reappointment validity depends on shareholder-nominated director consent, directorship quorum concerns, and leadership continuity amid listing compliance.
Tata Sons' board approved by majority vote the Executive Chairman's reappointment for a further five-year term after he reconsidered an earlier decision not to seek renewal. Tata Trusts contest the validity of the resolution, maintaining that the Articles of Association require affirmative votes from both Trust-nominated directors and that a dissenting vote renders a chairmanship resolution legally void. They also cite the accepted succession process and unresolved directorship status arising from a general meeting lacking quorum.
September 17, 2026
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Buyer-seller engagement supports sourcing and export-market opportunities for tools and hardware businesses through an international trade fair.
International Hardware Fair India 2026 is scheduled for 23-25 October 2026 at Bharat Mandapam, New Delhi, as a trade platform for the tools and hardware sector. Organised by Koelnmesse in association with the Federation of Indian Export Organisations, it is intended to facilitate product discovery, sourcing activity and exploration of domestic and international markets. Its Reverse Buyer-Seller Meet will bring hosted international buyers together with Indian manufacturers and suppliers for direct discussions on product presentations, buyer requirements and export-market opportunities.
September 17, 2026
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Financial services technology interoperability drives new card, digital banking and UPI platforms for banks, fintechs and consumers.
86400 has expanded its financial-services technology portfolio through CardsXT as a Service, a UPI app experience and IBMB, extending its activities across card-programme infrastructure, consumer-facing digital payments and digital banking. CardsXT is intended to let banks and fintechs build, launch and manage card programmes through an integrated offering, with flexibility to develop and scale card products while reducing card-lifecycle technology complexity. The UPI app experience provides a platform developed by 86400 for a more seamless consumer UPI payments experience.
September 17, 2026
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Intergovernmental fiscal coordination will guide deliberations on macroeconomic priorities, agricultural transformation, energy transition, growth measurement, and technology-enabled governance.
The thematic programme covers the macroeconomic outlook, financing agricultural transformation, and financing the energy transition. Background material addresses macroeconomic pathways, private financing, implications of GST 2.0 for States, agricultural markets and marketing, agricultural resilience and sustainable resource use, renewable energy and transmission assets, and carbon capture, utilisation and storage. Further sessions address measurement of growth outcomes and the contribution of new-age technology to good governance.
September 17, 2026
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GST-compliant festive planning helps apparel businesses protect input tax credit, manage price thresholds, inventory, cash flow and peak-season operations.
GST-sensitive festive planning for apparel businesses requires early procurement, phased inventory, supplier reorder commitments and separate stock strategies for the post-Diwali wedding season. Pricing and costing require assessment of the revised GST structure for readymade garments and GST-rate reductions affecting man-made fibres and yarns. Proper purchase documentation is important for protecting input tax credit during high-volume festive transactions. Cash-flow planning, credit limits, return policies, retail staffing, digital campaigns and weekly sell-through monitoring support replenishment and pricing decisions.
September 17, 2026
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Competitive Tender Conditions: allegations question replacement of a public-sector power project with terms allegedly favouring a single supplier.
Allegations of tender tailoring concern the replacement of a proposed UJVN-THDC public-sector thermal project with long-term procurement of 1,320 MW from a private generating plant. Congress alleges that 84 of 86 tender conditions were revised after the public-sector venture was abandoned, producing terms suited to an existing Korba expansion acquired by Adani Power through insolvency proceedings. The objections include plant-location flexibility, transmission costs for supply to Uttarakhand, and a 75% fixed-charge ceiling, which are alleged to narrow competition and shift long-term costs to consumers.
September 17, 2026
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Upper-layer NBFC listing requirements drive Tata Sons' listing process and proposed leadership renewal, subject to shareholder approval.
RBI's refusal to permit Tata Sons to surrender its core investment company registration revives the prospect of a public listing. Classified as an upper-layer non-banking financial company, Tata Sons is subject to a listing requirement whose deadline expired while its deregistration request was under consideration. Its board has agreed to advance the listing process, subject to annual general meeting approval. Any legal challenge to the refusal of deregistration may be pursued by Tata Sons itself rather than directly by the Tata Trusts.
September 17, 2026
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Mandatory listing obligations for upper-layer non-banking financial companies drive leadership continuity planning after deregistration is rejected.
Rejection of Tata Sons' request to deregister as a core investment company leaves it subject to the mandatory listing obligation arising from its upper-layer non-banking financial company classification. The board's majority support for N. Chandrasekaran's third term is linked to maintaining leadership continuity for prospective investors if a public listing proceeds.
September 17, 2026
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Gulfood partnership expands market access for food exporters through global buyer engagement and broader inclusion of emerging enterprises.
APEDA and InD Events Dubai have entered into a memorandum of understanding to support India's participation as Official Partner Country at Gulfood 2027. The partnership is directed at increasing global visibility for India's agricultural and processed food products, connecting Indian exporters with international buyers, and expanding market-access and business-engagement opportunities. Participation will bring together exporters, farmer producer organisations, MSMEs, startups, commodity boards and government institutions through product showcases, curated business-to-business meetings, conferences and industry engagements.
September 16, 2026
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Foreign exchange pressure drives rupee depreciation as a stronger dollar, capital outflows, and elevated crude prices weigh on markets.
Rupee depreciation continued for a seventh consecutive session, with the currency closing weaker against the US dollar amid overseas dollar strength and foreign fund outflows. Elevated crude oil prices and rising US Treasury yields increased pressure by raising importers' demand for dollars, while positive domestic equity markets limited the decline. Dollar strength reflected expectations of a US interest-rate increase, while domestic equity gains contrasted with net foreign institutional investor equity sales.
September 16, 2026
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Perpetual lease termination and public-premises eviction challenge turns on privity, statutory jurisdiction bar, and interim protection.
Challenges concern termination of Delhi Gymkhana Club's perpetual lease and a show-cause notice seeking eviction. The Government maintains that a member who is not party or privy to the bilateral lease has no personal estate in the land or right to restrain contractual resumption. It also contends that the Public Premises (Eviction of Unauthorised Occupants) Act bars civil-court eviction proceedings and injunctions against estate-officer action. The challengers seek a stay or status quo, arguing that the notice prematurely assumes valid lease termination.
September 16, 2026
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Lawful vehicle repossession requires contractual notice, due process, and safeguards against force, stealth, harassment, and arbitrary recovery methods.
Vehicle repossession by banks and non-banking financial companies must be lawful and fair despite contractual self-help repossession rights. Lenders and recovery agents must not use force, stealth, intimidation, harassment, or arbitrary methods. Legally valid repossession clauses must provide notice periods, lawful possession procedures, a final repayment opportunity, and sale or auction processes. Financial institutions must ensure recovery-agent compliance and prevent unlawful dispossession of borrowers from hypothecated vehicles.
September 16, 2026
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Credit rating transparency strengthens public enterprise access to debt markets through disclosure, risk assessment, and capital structure optimisation.
Objective and independent credit ratings measure CPSE financial strength, risk, credibility, and public-sector creditworthiness, supporting benchmarking and cost-effective access to global and domestic debt markets. Engagement between CPSE leadership and rating agencies focuses on rating methodologies, risk pricing, debt-market dynamics, transparent disclosures, and capital-structure optimisation. Such engagement is directed toward improving credit assessment, investor information, regulatory compliance, funding access at competitive rates, and market-facing disclosure practices.

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Customs & Trade

A pinch of pink salt in India-Pak trade

June 20, 2025

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Karachi, Jun 20 (PTI) The trade ban imposed by New Delhi after the Pahalgam terror attack put brakes on the export of Himalayan Pink Salt from Pakistan to India, but has also provided local traders an opportunity to explore new markets.

Pakistan is one of the world’s largest producers and exporters of Himalayan Pink Salt. The Khewra pink salt mines in Punjab province is the largest mine in the country and has 30 processing units.

In 2024, Pakistan’s total pink salt exports stood at 3,50,000 tonnes estimated to be worth USD 120 million.

After the April 22 Pahalgam terror attack that claimed 26 lives, India took a series of measures, including immediate shutting down of the Attari land-transit post, used for movement of certain kinds of goods.

In retaliation, Pakistan too announced that “all trade with India, including to and from any third country through Pakistan, is suspended forthwith.” The trade ban hit the exporters of Himalayan Pink Salt, which is in high demand on the other side of the border. “India has been one of the biggest importers of Himalayan pink salt from Pakistan. The ban has meant zero exports to that country,” Mansoor Ahmed, a senior director in Ghani International, one of the top exporters of pink salt and related products, said.

“For years, Indian importers imported raw Himalayan pink salt from Pakistan and then it was refined, packaged and marketed/exported to other countries as a finished Indian product at higher prices,” Mansoor claimed.

That is why India was ranked among the top three exporters of salt with Pakistan and China, he said, adding, “It is only Pakistan, not India or China that produces Himalayan Pink Salt.” However, Pakistan’s top exporters of pink salt are not alarmed by the ban as it also offers a silver lining for them.

Saima Akhtar, chairperson of the Pakistan Salt Manufacturers Association (SMAP) said that Pakistan’s Himalayan pink salt is already in huge demand globally due to its perceived health benefits and culinary uses.

“When we exported it to India, the salt was sold in the Indian retail market for INR 45 to 50 per kg. But now apparently, it is being sold as high as INR 70 to 80 per kg,” she said.

As per the SMAP data, 3,789 shipments of Himalayan Salt were exported by Pakistan from November 2023 to October 2024 marking a growth rate of 10 per cent compared to the preceding 12 months.

The India-Pakistan trade relations had already soured after the Pulwama terror attack, following which India raised the import duty to 200 per cent on all goods imported from Pakistan.

Saima said while India was an attractive market for Pakistani exporters, the heavy tariffs meant feasibility of businesses went down for exporters and importers both.

Since 2019, when relations hit a low between the two countries, trade has suffered, she pointed out.

“The available figures we have shows that bilateral trade fell to USD 1.2 billion in 2024 from a peak of nearly USD 3 billion in 2018,” she added.

Ehsan Malik, CEO of Pakistan Business Council said that Pakistan imported fruits, vegetables, pharmaceuticals, organic chemicals and sugar from India.

“Bottom line is our imports have been higher than our exports to India and Pink Salt has been our main export.” He quoted India's Ministry of Commerce and Industry India's data to say that exports to Pakistan in April 2024 – March 2025 were estimated to be around USD 600 million, while imports were a meagre USD 0.42 million.

Malik, however, noted that these were all official figures which ballooned if one took into account the unofficial trade between the two countries.

He noted that substantial volumes of Indian goods reach Pakistan through unofficial channels, often via third countries, bypassing formal trade restrictions and vice versa.

Shehzad Javed, CEO of Ittefaq Companies, one of the key producers and exporters of Himalayan Pink Salt, said that Pakistani pink salt exports to China had increased in the first quarter of 2025.

Around 13.64 million kilograms of salt worth USD 1.83 million was exported to China, a 40 per cent increase from the same period in 2024, Javed said.

“We are now pursuing increased exports to USA, Vietnam, China, Malaysia, Australia, Turkey, Netherlands, Italy, UK, Germany, Brazil, UAE, Japan, Singapore, Chile, South Africa, Russia, which are major importers of pink salt,” he said.

SMAP official Ismail Sattur claimed that in the past because of issues with EU permissions for their markets, Pakistani pink salt was widely imported from India to the European market as an Indian product.

He explained after the Pakistan government implemented the Geographical Indications Act of Pakistan in 2020, it’s now tagged as a GI of Pakistan. However, the process to get it registered as a Pakistani product in international markets is ongoing.

“The current position is we are in process of getting a Geographical Indication (GI) tag that will confirm the salt's authenticity as a Pakistani product,” Sattur said.

“Once this is done, the salt's origin and specific qualities are recognised and protected and will help Pakistani exporters in its trade in the EU market,” he added. PTI CORR NPK NPK

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