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    Closely monitoring: India on US bill seeking up to 100 % tariffs on purchasers of Russian oil
    Delhi HC seeks ED stand on Nayan Raheja's plea against money laundering case
    Rupee appreciates 7 paise to close at 95.43 against US dollar
    PM Modi, UK PM Burnham commit to harnessing full potential of mega trade deal
    ITC Q1 profit declines 15.6 pc to Rs 4,508.79 cr; non-cigarette FMCG posts robust growth
    Punjab extends deadline of one-time scheme for settling tax dues of pre-GST period till Sept 30
    PM Modi speaks to UK counterpart Burnham
    Bank credit to industry records robust growth of 19.2 pc in June: RBI data
    Delhi protesters' fingerprints collected from stones for identification via Aadhaar: BJP minister
    Cabinet approves Rs 84,084-cr offshore exploration scheme; govt to fund up to Rs 650 cr per well
    India's forex reserves jump USD 6.12 bn to USD 682.35 bn
    Jharkhand signs pact with CSC eStore to make SHG products made by women available online
    APEDA Facilitates First-Ever Air Shipment of Karnataka's Neelam and Totapuri Mangoes to the Maldives
    Favara-UPI Cross-Border Payment Corridor Goes Live Between Maldives and India
    SC upholds NCLAT order setting aside CCI's Rs 301.6-cr penalty on Grasim Industries
    China's factory activity unexpectedly slips into contraction in July
    PM Modi to inaugurate Bhogapuram Airport on Aug 1 in Andhra Pradesh
    Rupee rises 20 paise to 95.30 against US dollar in early trade
    APEDA Facilitates First-Ever Sea Shipment of Value-Added Flavoured Makhana from Bihar to Canada
    Indian envoy meets Chinese commerce ministry official; Calls for enhanced market access
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    July 31, 2026
    Show AI Summary
    Russian oil purchases may trigger proposed targeted tariffs, with periodic reassessment based on countries' purchasing behaviour.
    Proposed United States measures would authorise sanctions against Russia and persons supporting its war in Ukraine, while permitting targeted tariffs on imports from countries purchasing substantial volumes of Russian oil or gas or facilitating sanctions evasion. The framework identifies major purchasers and shadow-fleet facilitators for possible additional tariffs and provides for periodic reassessment and tariff adjustments based on purchasing behaviour. India stated that its energy-security policy rests on national priorities and diversified energy sources.
    July 31, 2026
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    Money-laundering proceedings face challenge over absent predicate offence, alleged lack of criminal intent, and treatment of related FIRs.
    Money-laundering proceedings linked to alleged diversion of homebuyer funds are challenged on the ground that no scheduled offence or criminal intent is attributable to the petitioner. The petitioner relies on his asserted exoneration in two predicate FIRs, where charge sheets did not name him, and settlement of the remaining FIR. Notice was issued for a response and status report, and the petitioner undertook to cooperate with the investigation.
    July 31, 2026
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    Rupee appreciation reflected foreign capital inflows and central bank support, tempered by crude prices and geopolitical tensions.
    Rupee appreciation against the US dollar was linked to sustained foreign capital inflows and Reserve Bank support through dollar selling. Higher crude oil prices, a stronger US dollar and geopolitical tensions in West Asia constrained further gains. A slightly positive near-term rupee bias was associated with softer dollar conditions, dovish US monetary expectations, favourable global markets and improved foreign inflows, while geopolitical risks remained relevant. Domestic equity indices rose, foreign-exchange reserves increased, and fiscal-deficit data showed the central government's position against its full-year target.
    July 31, 2026
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    India-UK trade agreement enables duty-free access and bilateral cooperation on investment, technology, and strategic partnership.
    The India-UK Comprehensive Economic and Trade Agreement provides zero-duty market access in the UK for nearly 99 per cent of India's exports and is intended to expand bilateral trade and investment opportunities. The governments committed to maximise its benefits through the Comprehensive Strategic Partnership, including cooperation on technology, innovation, security, clean energy, education and people-to-people links. Advanced technology collaboration, including artificial intelligence, is also contemplated.
    July 31, 2026
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    Excise duty increases on cigarettes pressured profitability, while calibrated pricing and FMCG growth supported market resilience.
    Excise duty increases on cigarettes affected consolidated profitability, prompting calibrated pricing and portfolio measures to protect market share and limit migration to illicit trade. The cigarette portfolio was re-architected across price points through value-accretive offerings and staggered pricing actions. Non-cigarette FMCG growth was supported by demand for packaged foods, dairy and personal-care products. Input-cost inflation was mitigated through inventory cover, commodity hedging and price-volume rebalancing amid crude-price volatility, supply-chain disruption and imported inflation concerns.
    July 31, 2026
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    One-Time Settlement Scheme offers final pre-GST tax dispute resolution relief before stricter recovery action against defaulters begins.
    The One-Time Settlement Scheme 2025 for pre-GST tax dues has been extended until September 30. Eligible taxpayers may resolve pending legacy tax disputes with full waiver of interest and penalties and slab-wise relief in principal tax. After the deadline, recovery action may be intensified under applicable tax laws and the Punjab Land Revenue Act, including property attachment, auction and freezing of bank accounts. The department also supports amicable settlement of tax disputes through the SAMADHAN initiative.
    July 31, 2026
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    Bilateral trade agreement implementation supports expanded trade, investment and strategic cooperation through technology, security, clean energy and community links.
    The India-UK Comprehensive Economic and Trade Agreement was identified as a framework for expanding bilateral trade and investment opportunities following its operationalisation. The two governments proposed closer cooperation to use the agreement for shared prosperity, while advancing their comprehensive strategic partnership through technology, innovation, defence, security, clean energy, education and people-to-people links.
    July 31, 2026
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    Sectoral bank credit growth reflects broad-based expansion across industry, services, agriculture and personal loans, with slower credit-card growth.
    Sectoral bank credit growth accelerated across non-food lending, agriculture, industry, services and personal loans. Industrial credit expanded across micro and small, medium and large enterprises, with strong lending to infrastructure, engineering, food processing, textiles, construction, metals, petroleum-related products and chemical products. Services lending was supported by non-banking financial companies, commercial real estate and trade. Vehicle and housing loans maintained double-digit growth, while credit-card outstanding growth decelerated.
    July 31, 2026
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    Biometric identification of protesters through alleged fingerprint-Aadhaar linkage was described alongside criminal-background profiling and database creation.
    Biometric identification of protesters through fingerprints recovered from alleged stone-pelting evidence was publicly described as a proposed investigative method. A minister stated that fingerprints allegedly found on stones would be linked with Aadhaar numbers to identify participants and examine their prior records. The account also referred to analysis and categorisation of detained protesters' criminal backgrounds, creation of a separate database, and proposed action against participants described as anti-social elements or persons with criminal records.
    July 31, 2026
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    Offshore hydrocarbon exploration support funds high-risk deepwater drilling, shared infrastructure and data acquisition to strengthen domestic energy production.
    The National Offshore Exploration Scheme provides public support for deepwater and ultra-deepwater oil and gas exploration, including seismic and offshore data acquisition, exploratory drilling in frontier basins, and common production and evacuation infrastructure. It addresses the high cost and geological uncertainty of offshore drilling and includes technology adoption, digital programme management, capacity building and collaboration measures. The scheme seeks to expand domestic hydrocarbon discoveries and production, attract investment across the exploration and production value chain, and reduce reliance on imported oil and gas.
    July 31, 2026
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    Foreign exchange reserves increased as foreign currency assets and gold holdings rose, alongside measures to attract forex inflows.
    India's foreign exchange reserves increased during the reporting week, principally because foreign currency assets and gold reserves rose. Foreign currency assets, expressed in United States dollar terms, include valuation effects from movements in currencies such as the euro, pound and yen. Special Drawing Rights and the reserve position with the International Monetary Fund declined. Measures including the FCNR(B) measure were reported as efforts to attract foreign-exchange inflows following rupee pressure and dollar-sales intervention.
    July 31, 2026
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    Digital marketplace access for women's self-help group products expands e-commerce opportunities while panchayat-level citizen services are strengthened.
    Digital marketplace access for women's self-help group products is proposed through a memorandum of understanding between CSC eStore and the Jharkhand State Livelihood Promotion Society. Products marketed under the 'Palash' and 'Adiva' brands are intended to be offered through an e-commerce network to widen market access, support rural women's income and entrepreneurship, and strengthen the rural economy. Digital panchayat services are also being expanded through Common Service Centres, including banking, e-governance and Aadhaar-related services.
    July 31, 2026
    Show AI Summary
    Agricultural export facilitation expands market access for late-season mangoes through farmer aggregation and direct global market linkages.
    Agricultural export facilitation enabled an air shipment of late-season Neelam and Totapuri mangoes to an international market, expanding market access and extending the mango export season. Direct sourcing through a Farmer Producer Company supported organised aggregation, quality produce, and export-oriented supply chains. Direct procurement and export market linkages enabled participating farmers to realise higher returns than conventional market channels while promoting horticultural export diversification.
    July 31, 2026
    Show AI Summary
    Cross-border digital payment integration enables real-time Favara transfers from Maldives mobile banking applications to UPI-enabled accounts in India.
    Cross-border digital payment integration between Favara and UPI enables individuals in the Maldives to make real-time person-to-person transfers to UPI-enabled bank accounts in India through mobile banking applications. Transfers are initiated in Maldivian Rufiyaa and credited in Indian Rupees. The initial service is available through participating Maldivian banks. Permitted remittances include family-maintenance transfers under foreign inward and outward remittance categories, and gift-related transfers under foreign outward remittance. Future phases are intended to introduce QR-based merchant payments and other digital payment services.
    July 31, 2026
    Show AI Summary
    Procedural Fair Hearing in competition inquiries requires notice when the Commission departs from investigative findings before imposing action.
    Competition law procedure requires the Competition Commission to notify and hear an opposite party when departing from the Director General's findings. The penalty order concerning alleged abuse of dominance in viscose staple fibre supply was set aside because Grasim Industries was not given an opportunity to respond to the Commission's disagreement with the investigative findings. The matter was remanded for fresh, time-bound consideration without a finding on the merits.
    July 31, 2026
    Show AI Summary
    Manufacturing contraction highlights weak domestic demand, property-sector pressure and continued reliance on technology-related exports for economic growth.
    Manufacturing activity in China contracted in July, as the official purchasing managers' index fell below the expansion threshold and new orders and production declined. Weak domestic demand, lower building activity and possible typhoon-related disruptions contributed to the slowdown. Consumer spending, investment and property-sector weakness continue to affect confidence, while technology-related exports support growth. Policy commitments include strengthening domestic consumption amid continued reliance on exports.
    July 31, 2026
    Show AI Summary
    Public-private partnership airport development strengthens aviation, cargo logistics, export infrastructure and sustainable connectivity through an integrated international airport project.
    The Bhogapuram airport project is being implemented under a Public-Private Partnership through the Design, Build, Finance, Operate and Transfer framework. It has obtained required aerodrome, safety, fire and environmental clearances and includes infrastructure for domestic and international aviation, passenger processing and airport security. Cargo and cold-chain facilities are intended to support exports and logistics integration, while recycled-water use and LEED Platinum standards form part of the project's sustainability features.
    July 31, 2026
    Show AI Summary
    Rupee appreciation against the US dollar continued as foreign inflows and lower crude prices supported domestic currency markets.
    Rupee appreciation against the US dollar continued in early trading, supported by foreign capital inflows and lower global crude oil prices. A stronger US dollar constrained further appreciation, while expectations of continued Reserve Bank of India intervention were cited as supporting the rupee. Declining Brent crude prices, gains in domestic equity indices and net foreign institutional investment in equities were also identified as relevant market factors.
    July 31, 2026
    Show AI Summary
    Value-added Makhana exports expand international market access, support quality compliance, and improve farmer returns through processing and branding.
    Agricultural export facilitation supported the first sea shipment of value-added flavoured Makhana from Bihar to Canada. Processed and packaged to international quality and food-safety standards, the export demonstrates the role of processing, value addition and export-oriented manufacturing in expanding overseas market access. The initiative is stated to improve farmer returns through value addition, while capacity building, export infrastructure, quality compliance, market linkages and stakeholder collaboration support the agri-export ecosystem.
    July 30, 2026
    Show AI Summary
    Market access for Indian pharmaceuticals remains central to bilateral efforts to promote sustainable trade and economic cooperation.
    Enhanced market access for Indian products, particularly pharmaceuticals, was raised in discussions aimed at strengthening bilateral trade and economic ties. The discussions addressed sustainable trade, and the sides agreed to increase mutual cooperation and communication. India continues to seek greater access to China's information technology, pharmaceutical and agricultural sectors, while pursuing increased pharmaceutical exports and Chinese investment. Bilateral trade increased, but India's trade deficit widened, reflecting an ongoing imbalance in trade flows.

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      Customs & Trade

      HIGHLIGHTS

      June 24, 2025

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      New Delhi, Jun 24 (PTI) Following are the top stories at 5 pm: NATION DEL47 PM-LD TERROR

      Operation Sindoor made clear India's stringent policy against terrorism to world: PM Modi New Delhi: Asserting that Operation Sindoor has made clear to the world India's stringent policy against terrorism, Prime Minister Narendra Modi said on Tuesday that his government takes whatever steps are appropriate in national interest.

      DEL58 RAHUL-MH-POLLS-LD EC

      'Vote theft in 2024 Maharashtra polls': Rahul demands machine-readable digital voter rolls New Delhi: Flagging alleged irregularities in the Maharashtra assembly polls, Congress leader Rahul Gandhi on Tuesday claimed that there weren't isolated glitches but "vote theft" and demanded the immediate release of machine-readable digital voter rolls as well as CCTV footage.

      DEL45 EC-LD RAHUL

      Presume Cong candidates moved court over issues on conduct of Maharashtra polls: EC to Rahul New Delhi: The Election Commission has formally responded to Congress leader Rahul Gandhi's allegations of rigging in the 2024 Maharashtra polls, saying all elections are held strictly as per laws and candidates have presumably already moved court with issues about poll conduct.

      DEL50 CONG-US-ADVISORY

      Cong slams US advisory for citizens travelling to India, says govt must register protest New Delhi: With the US issuing an advisory for its citizens travelling to India, the Congress on Tuesday claimed that it "maligns" the country and demanded that the government should register its protest as well as take a stern view of this at the highest level.

      DEL56 DEF-HAL-JET - ENGINES

      India-US deal to produce F-414 jet engines to be sealed by March: HAL Chief Sunil New Delhi: The Hindustan Aeronautics Ltd (HAL) will seal a deal with US defence major GE Aerospace by March to jointly produce a jet engine to power the next generation of India's combat aircraft, the aviation behemoth's chief DK Sunil has said.

      DEL25 IRAN-INDIA-LD-EVACUATION

      India evacuates more Indians from Iran, Israel New Delhi: India on Tuesday evacuated 292 citizens from Iran and 366 nationals from Israel amid escalating tensions between the two countries following the US bombing of three Iranian nuclear sites.

      DEL22 DEF-RAJNATH-LD-CHINA

      At SCO meet in China, Rajnath to pitch for greater cooperation to counter terrorism New Delhi: In line with India's diplomatic offensive against Pakistan-backed cross-border terrorism, Defence Minister Rajnath Singh is set to press the Shanghai Cooperation Organisation (SCO) to ramp up efforts to contain terrorism at a two-day conclave of the bloc in China's Qingdao that begins on Wednesday.

      DES30 DL-DEMOLITION-WAZIRPUR

      Demolition drive underway in Delhi's Wazirpur area New Delhi: A demolition drive is underway in northwest Delhi's Wazirpur area on Tuesday amid heavy police deployment, an official said.

      CAL16 OD-DALIT-ASSAULT-LD CONG

      Odisha Cong forms panel to probe assault of Dalit men, Priyanka says incident insult to Constitution Bhubaneswar: The Congress on Tuesday expressed anguish over the alleged torture of two Dalit men on suspicion of cattle smuggling in Odisha's Ganjam district and constituted a fact-finding committee to investigate the incident.

      CAL18 WB-ASSEMBLY-MAMATA-BENGALI

      Mamata alleges Bengali-speaking workers being targeted in BJP-ruled states Kolkata: Claiming that Bengali-speaking people from the state were being branded as Bangladeshis in some BJP-ruled states, West Bengal Chief Minister Mamata Banerjee on Tuesday said this cannot be allowed.

      DES36 EMERGENCY-PRAKASH KARAT

      Emergency: When Prakash Karat went underground, took refuge in AIIMS New Delhi: The imposition of the Emergency in 1975 led to the arrests of several opposition leaders, with new cases being filed or existing ones revived, forcing many into hiding. CPI(M) leader Prakash Karat, who was the president of the Students' Federation of India (SFI) at the time, was among those who went underground, taking refuge in the All India Institute of Medical Science (AIIMS) hostel.

      DEL42 EMERGENCY-TEXTBOOKS

      Emergency made part of school syllabus during UPA rule, 3 decades after imposition New Delhi: It took three decades for the Emergency imposed by then-prime minister Indira Gandhi, a 21-month period marked by censorship and mass arrests of opposition leaders, to make an entry into NCERT political science textbooks. By Gunjan Sharma

      BUSINESS DEL60 BIZ-FM-LD TRADE

      Trade agreements with US, EU to be concluded soon: Sitharaman New Delhi: Finance Minister Nirmala Sitharaman on Tuesday said negotiations for the proposed free trade agreements with the US and European Union (EU) are progressing at a fast pace and would be concluded soon.

      DEL27 BIZ-ADANI-AGM

      Adani Group to invest USD 15-20 bn across businesses over next 5 yrs: Gautam Adani New Delhi: The Adani Group plans to invest a record USD 15-20 billion across businesses over the next five years to chart out the next phase of growth, Chairman Gautam Adani said on Tuesday as he touted the conglomerate's strong balance sheet and robust business to shrug off relentless scrutiny it faces.

      LEGAL LGD2 SC-OPERATION SINDOOR

      Participating in Operation Sindoor doesn't give you immunity: SC in dowry death case New Delhi: Participating in Operation Sindoor doesn't give you immunity from committing atrocity at home, the Supreme Court on Tuesday said while refusing to exempt a convict from surrendering in a dowry death case of his wife.

      FOREIGN FGN73 CANADA-KANISHKA ANNIVERSARY

      Canadian PM says Kanishka bombing anniversary reminder of commitment to fight violent extremism Ottawa: Prime Minister Mark Carney has said the Air India Flight 182 Kanishka bombing 40 years ago is a “sombre reminder of our commitment to fight violent extremism and keep Canadians safe.”

      FGN44 CHINA-DOVAL-RUSSIA

      NSA Doval, Russia's Security Council Dy Secretary discuss advancing bilateral cooperation Beijing: National Security Adviser (NSA) Ajit Doval discussed with Russia's Security Council Deputy Secretary Aleksandr Venediktov on Tuesday the importance of advancing bilateral cooperation based on the India-Russia Special and Privileged Strategic Partnership.

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