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    30-member Indian commerce chamber delegation to visit Sri Lanka
    Rupee rises 22 paise to 96.51 against US dollar in early trade
    ED conducts raids in UP, Delhi and Punjab in Rs 450-crore bank loan 'fraud'
    US slaps 10 per cent tariff on goods imported from India over forced labour concerns
    NICDC Organises Cross-Learning Site Visit to AURIC Smart City to Strengthen Industrial Corridor Development
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    US' temporary 10 pc tariff set to expire on Friday unless extended or new duties announced
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    Infosys veteran Ashiss Kumar Dash to succeed Salil Parekh as new CEO in 2027
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    PNB and Andhra Pradesh sign MoU to establish India's first Bank-led Quantum Finance Hub at Amaravati
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    6Wresearch: India Export Attractiveness Tracker 2026
    Govt allows FDI in inventory-based model of e-commerce only for export purposes
    CRIF India Launches Chennai Chapter of 'Credit Goes to HER' to Strengthen Women's Leadership in the Credit Ecosystem
    Loan Fest 2026: Apply for a Bajaj Finance Personal Loan Online with Attractive Offers
    Rupee slips 4 paise to settle at 96.57 against US dollar
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    July 24, 2026
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    Cross-border commercial engagement supports Indian and Sri Lankan businesses in identifying partnerships and strengthening trade and investment relationships.
    Cross-border trade and investment engagement between India and Sri Lanka is proposed through a commerce chamber delegation representing diverse Indian industry sectors. A networking session is intended to enable direct interactions between businesses, identify partnership opportunities, discuss commercial collaboration and develop new business connections. The engagement seeks to strengthen commercial relationships across participating industries within the established bilateral trade and investment relationship.
    July 24, 2026
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    Foreign exchange market intervention limited rupee depreciation amid elevated oil prices, importer dollar demand, capital outflows and equity market weakness.
    Foreign exchange market conditions reflected an early appreciation of the rupee against the US dollar, with likely central bank intervention through state-owned banks reported as limiting sharper depreciation. Softer dollar conditions provided limited support, while elevated crude oil prices increased dollar demand from oil marketing companies and sustained importer buying pressure. Foreign institutional investor equity outflows, domestic equity weakness, and West Asia tensions affecting oil prices also influenced the rupee.
    July 24, 2026
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    Money-laundering investigation examines alleged bank-loan fund diversion through shell entities, accommodation entries, fake invoices and circular transactions.
    A money-laundering investigation under the Prevention of Money Laundering Act concerns alleged bank-loan fraud involving Santosh Overseas Ltd., its promoters and linked entities. Searches were conducted at premises in Uttar Pradesh, Delhi and Punjab. The investigation, arising from a Central Bureau of Investigation case, alleges diversion and layering of loan funds through shell entities, accommodation-entry operators and related companies by means of purportedly fake invoices and circular financial transactions.
    July 24, 2026
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    Forced-labour import prohibitions shape tariff treatment as India's policy amendment secures a lower rate for imported goods.
    Forced-labour import prohibitions are linked to tariff treatment under Section 301 of the Trade Act of 1974. Goods imported from India receive a lower tariff rate after India amended its foreign trade policy to prohibit imports of goods produced using forced labour. The framework excludes certain raw materials, goods causing economy-wide disruption, and products unavailable in sufficient domestic quantities. India has contested the underlying investigations and proposes that the issues be addressed through a bilateral trade agreement.
    July 24, 2026
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    Integrated industrial city development promotes cross-learning on digital governance, investor facilitation, infrastructure planning and plug-and-play industrial parks.
    Industrial corridor development is being supported through cross-learning on AURIC Smart City's integrated planning, infrastructure and governance practices. The programme addresses master planning, utility systems, digital monitoring, land utilisation, investor facilitation, project implementation and coordination among implementing agencies. It also considers application of these practices to the Bharat Audyogik Vikas Yojana for plug-and-play industrial parks, with emphasis on integrated utilities, digital land management, investor-friendly approvals, sustainable infrastructure and multimodal connectivity.
    July 24, 2026
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    WTO trade policy review highlights India's commitment to transparent trade rules, development policy space and multilateral engagement.
    India reaffirmed an open, transparent, predictable and WTO-consistent trade and investment regime through tariff reform, customs simplification and free trade agreement initiatives. Its trade policy was presented as balancing developmental needs with WTO principles: agricultural tariffs protect vulnerable farmers, while industrial tariffs support supply-chain resilience and domestic manufacturing. India also committed to transparent, consultative and rules-compliant sanitary measures, technical regulations and trade remedies, with investigations based on objective evidence, due process and judicial oversight, including continued application of the Lesser Duty Rule in anti-dumping matters.
    July 23, 2026
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    Temporary Section 122 surcharge expiry may restore MFN treatment for Indian exports, while Section 301 tariff uncertainty continues.
    The US temporary Section 122 import surcharge on Indian goods is scheduled to expire unless extended or replaced, restoring affected imports to normal US MFN tariff treatment. Liability depends on entry for consumption or warehouse withdrawal. Section 232 national-security tariffs remain unchanged. Indian exports may still face fresh measures under Section 301 investigations into forced labour and excess manufacturing capacity, alongside potential country-specific or sectoral tariffs. The expiry may improve export competitiveness and market access, particularly for labour-intensive and MSME-driven sectors.
    July 23, 2026
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    Quantum finance innovation will advance secure digital banking through cybersecurity, fraud detection, collaborative research, workforce development and digital literacy.
    A Quantum Finance Innovation Hub is proposed to apply quantum technologies to banking through stronger cybersecurity, proactive financial-fraud detection and secure digital financial ecosystems. The initiative will bring together industry, academia, startups, research organisations and government agencies to promote innovation in quantum computing, artificial intelligence and related technologies. It also focuses on workforce development, digital literacy, public confidence in digital financial services, and technology-enabled responses to cybercrime and digital-arrest scams.
    July 23, 2026
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    Chief executive succession plan appoints a CEO designate, subject to shareholder approval, for an AI-led corporate leadership transition.
    Corporate leadership succession at Infosys is proposed through the appointment of Ashiss Kumar Dash as Managing Director and Chief Executive Officer designate from 1 April 2027. The five-year appointment is subject to shareholder approval and follows a recommendation of the Board's Nomination and Remuneration Committee. The incumbent will remain in office until the transition date and support an orderly transfer of responsibilities. The succession plan identifies the CEO designate's business, technology-delivery, client and global operations experience as relevant to AI-led transformation.
    July 23, 2026
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    Bullion market pressure intensified as rising oil prices, inflation concerns and restrictive monetary policy expectations weakened gold and silver sentiment.
    Gold and silver prices declined amid weaker global bullion trends, profit-booking, and higher crude oil prices linked to Middle East tensions. Market commentary associated the decline with inflation concerns and expectations that major central banks may sustain restrictive monetary policy for longer. Gold was described as facing near-term pressure from higher interest-rate expectations, inflation risks, and geopolitical uncertainty.
    July 23, 2026
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    Quantum finance innovation will develop secure, AI-enabled banking solutions through collaborative research, startup incubation, cybersecurity enhancement and workforce development.
    Quantum finance innovation is to be advanced through a memorandum of understanding for establishing the PNB Quantum Finance Hub at Amaravati Quantum Valley. The hub will develop, test and support adoption of secure, intelligent and future-ready banking solutions using Quantum Computing and Artificial Intelligence. It will bring together industry, academia, startups and government agencies for research, innovation, incubation and acceleration of financial technologies, focusing on cybersecurity, fraud detection, operational efficiency, risk management and customer experience.
    July 23, 2026
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    Foreign investment in inventory-based e-commerce is allowed only for exports of Indian-made goods, while domestic retail remains prohibited.
    Foreign direct investment in inventory-based e-commerce is permitted exclusively for exports of goods or products manufactured or produced in India. Restrictions on business-to-consumer and inventory-based e-commerce do not apply to these exports, subject to the Foreign Trade Policy 2023 and export regulations. Foreign direct investment in inventory-based e-commerce retailing for domestic sales remains prohibited, with the revised position taking effect upon the relevant foreign exchange notification.
    July 23, 2026
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    Joint Home Loan Eligibility and Shared Repayment Liability Shape Borrowing Capacity, Tax Claims, Documentation, and Exit Planning.
    Joint home loans allow eligible applicants to combine income for a single housing loan, while making every co-applicant fully responsible for repayment. Eligibility depends on each applicant's income, financial obligations, credit history, age, repayment capacity and property criteria. Applicants should agree on EMI sharing, ownership proportions and exit arrangements before applying, as removal of a co-applicant requires lender approval and reassessment. Co-owner borrowers may claim applicable interest and principal repayment deductions subject to ownership, contribution and income-tax requirements. Each applicant must provide separate identity, income and banking documentation.
    July 23, 2026
    Show AI Summary
    Export competitiveness increasingly depends on regulatory compliance, preferential trade access and diversification into smartphones, medicines, petroleum products and semiconductors.
    India's export potential to 2031 is centred on smartphones, polished diamonds, petroleum products and medicines, with the United States, Hong Kong, Japan, China, Singapore and the United Arab Emirates as important markets. New product opportunities include iron ore concentrates, gasoline vehicles and light petroleum oils. Although selected destinations offer duty-free or preferential access, market entry in mature markets increasingly depends on compliance with non-tariff measures, including registration, quality certification, safety documentation and product standards. Semiconductor-related manufacturing is identified as a long-term opportunity supported by expanding electronics capacity, supply-chain diversification and domestic incentives.
    July 23, 2026
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    Foreign investment in inventory-based e-commerce is permitted exclusively for exports of Indian-manufactured or produced goods under export compliance rules.
    Foreign direct investment in inventory-based e-commerce is permitted exclusively for exports of goods or products manufactured or produced in India. Foreign direct investment remains permitted in business-to-business e-commerce and the marketplace model, while business-to-consumer and inventory-based direct sales to consumers remain prohibited except for the specified export activity. Export-oriented inventory-based operations must comply with the applicable Foreign Trade Policy and foreign exchange regulations governing exports.
    July 23, 2026
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    Women's leadership in credit expands through a Chennai community platform supporting mentorship, inclusive lending practices, and financial ecosystem collaboration.
    The Chennai chapter of the 'Credit Goes to HER' initiative provides a platform for women professionals in banking, NBFCs, fintech, housing finance, academia and policy to share knowledge, obtain mentorship and collaborate on inclusive credit practices. It seeks to strengthen women's leadership and participation in the credit ecosystem while supporting responsible lending, financial inclusion, transparency and data-driven decision-making.
    July 23, 2026
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    Digital personal-loan campaign combines online collateral-free borrowing, eligibility-based assessment, flexible repayment options and conditional lifestyle rewards for successful disbursals.
    Digital personal-loan campaign permits eligible customers to apply online for collateral-free borrowing and receive specified lifestyle rewards upon successful disbursal, subject to campaign terms. Applicants may check an offer, provide personal, financial and employment information, review loan terms, complete know-your-customer and bank-account verification, and undergo assessment. Interest rates, loan amounts and repayment tenures depend on eligibility, credit profile, income and internal assessment. An EMI calculator supports comparison of repayment options and estimation of monthly instalments before application.
    July 23, 2026
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    Foreign-exchange market pressure weakened the rupee as elevated crude prices and risk sentiment drove trading conditions.
    Foreign-exchange market movement saw the rupee depreciate against the US dollar amid elevated crude oil prices linked to heightened West Asia hostilities. Weak domestic equity markets and foreign investor equity outflows contributed to negative sentiment. Market commentary indicated that prospective Reserve Bank of India intervention supported the rupee and could limit sharper depreciation, while shipping-security concerns contributed to elevated oil prices.
    July 23, 2026
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    Homebuyer refund claims in developer insolvency proceed through pro-rata distribution of funds deposited for eligible buyers.
    Homebuyer refund claims connected with demolished residential towers are being considered within the developer's insolvency proceedings. Buyers who have not opted for alternative allotment seek repayment. Eligible refunds are contemplated on a pro-rata basis from funds deposited by the Interim Resolution Professional, subject to the claims process and the availability of deposited funds.
    July 23, 2026
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    Free trade agreement tariff reductions create investment opportunities for Asia-Pacific manufacturers seeking UK and European market access.
    The UK-India Free Trade Agreement is presented as reducing tariffs on advanced machinery and manufacturing-related goods and creating trade and investment opportunities for Asia-Pacific manufacturers seeking UK and European market access. Manchester is promoted as an investment location through its advanced manufacturing cluster, skilled workforce, innovation infrastructure, international links, and available manufacturing and research space. Invest Manchester provides investor support and undertakes international engagement to develop trade, investment and innovation partnerships.

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      Customs & Trade

      Brazil vows retaliatory tariffs against US if Trump follows through on 50% import taxes

      July 11, 2025

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      Rio De Janerio, Jul 10 (AP) Brazilian President Luiz Inácio Lula da Silva said Thursday that he will impose retaliatory tariffs on the United States if President Donald Trump follows through on a pledge to boost import taxes by 50% over the South American country's criminal trial against his predecessor, Jair Bolsonaro.

      Lula said he will trigger Brazil's reciprocity law approved by Congress earlier this year if negotiations with the US fail.

      “If there's no negotiation, the reciprocity law will be put to work. If he charges 50 (per cent tariffs) from us, we will charge 50 from them,” Lula told TV Record in excerpts of an interview that will be fully aired later in the day. “Respect is good. I like to offer mine and I like to receive it.” Lula's comments raise the risk of a tariffs war erupting between the two countries, similar to what has happened between the US and China. Trump has vowed to respond forcefully if countries seek to punish the US by adding tariffs of their own.

      The tariffs letter that Trump sent to Brazil — and posted on social media Wednesday — railing against the “witch hunt” trial against Bolsonaro opened up a new front in his trade wars, with the US leader directly using import taxes to interfere with another nation's domestic politics. Trump has already tried to use tariffs to ostensibly combat fentanyl trafficking and as a negotiating tool to change how other nations tax digital services and regulate their economies.

      In Brazil's case, Trump is trying to dictate the outcome of the criminal trial of Bolsonaro, an ally who like Trump has been charged with attempting to overturn a presidential election. Bolsonaro maintains that he is being politically persecuted by Brazil's Supreme Court over his charges on the alleged plot to remain in power after his 2022 election loss to Lula.

      “There's nothing Lula or Brazil can do about Bolsonaro's trial,” said Carlos Melo, a political science professor at Insper University in Sao Paulo. “Any change in that would be Brazil's capitulation. Bolsonaro's situation here won't change. How do you negotiate over that?" Lula ordered his diplomats on Thursday to return Trump's letter if it physically arrives at the presidential palace in Brasilia. The document attacks the country's judiciary and mentions recent rulings on social media companies among the reasons why goods from the South American nation will have higher tariffs from Aug. 1.

      Trade negotiations now up in the air Trump has initiated his tariffs under the 1977 International Emergency Economic Powers Act, saying in April that the persistent deficit between what the US exports and what it imports is a national crisis.

      But the US runs a trade surplus with Brazil, undermining some of the rationale.

      A staffer of Brazil's foreign ministry told The Associated Press that trade negotiations that were ongoing since Trump imposed a first set of tariffs in April are now “up in the air.” Some members of the Lula administration say Trump's move is actually aimed at Brazil's connection with other Southern economies, as displayed on Sunday at the summit of BRICS nations hosted in Rio de Janeiro. Brazil's president once again mentioned the hope for an alternative currency to the dollar for transactions, a topic that frequently draws Trump's ire.

      “Trump was never worried about democracy anywhere, much less with Bolsonaro's destiny,” said Gleisi Hoffmann, Brazil's institutional relations minister. “What he fears is the strengthening of the commercial and financial relations of the global south, which Brazil is helping to build in the BRICS bloc and in other forums. We won't be Trump's hostages.” Brazil's new unity Trump's interference in Brazilian affairs has brought a sense of unity that was largely absent in the politically divided nation. Some of Bolsonaro's allies claimed Lula had drawn the US president's anger with other decisions, including criticism of Israel's war in Gaza. But other supporters of the former president chose to ask for prudence in negotiations.

      Daily O Estado de S. Paulo, a frequent critic of Lula and his administration, said in an editorial on Thursday that Trump's move against the Brazilian government is “a mafia thing.” It also said Lula's reaction was correct, a rare feature for the newspaper.

      “Trump meddles in a degrading form into Brazil's affairs,” the editorial said. “It is true that Trump has no respect for liturgy and rituals of the relations between States, but even for his standards the letter sent to the Brazilian government crossed every boundary.” While Trump has talked tough, it has not necessarily produced his desired political outcomes abroad. Canadians recently elected Mark Carney as prime minister, with his Liberal Party reenergized by Trump's tariffs and threats to make Canada the 51st US state.

      Analysts also see Trump's attempt to interfere in the country's domestic affairs as a potential backfire for Bolsonaro during his trial and a push for Lula, whose reelection bid was facing unpopularity headwinds this year.

      “The reaction of a lot of people is that this is a political gift to Lula,” said Andre Pagliarini, a professor of history and international studies at Louisiana State University who is also affiliated with the Quincy Institute for Responsible Statecraft.

      Thomas Traumann, an independent political consultant and former Brazilian minister, called Trump's move “a game changer" for next year's election.

      “Trump put Lula back in the game,” Traumann said. “This gives Lula a narrative, puts Bolsonaro as the guilty part for any economic problems.” Exceeding the authority The US Court of International Trade ruled in May that Trump had exceeded his authority by declaring an emergency to impose tariffs without congressional approval. The Trump administration is appealing that decision, but opponents plan to use his Brazil letter to bolster their case.

      “This is a brazenly illegal effort by Donald Trump to sacrifice the economy to settle his own personal scores, and it is far outside his legal authority,” said Democratic Oregon Sen. Ron Wyden.

      The Republican administration has argued that their tariffs are now relatively harmless for the US economy, since inflation has trended down in recent months. But many companies stockpiled imports to get ahead of the import taxes, and it's unclear what happens when their inventories dwindle and consumers consider the risk of higher prices. Most outside economic analyses expect growth to decline.

      In Brazil, Trump's interest in Bolsonaro's trial is expected to weigh over the trial. Media outlets have reported that lawmakers and judges are worried the former president will try to leave Brazil for the US if he is convicted.

      "We can't rule out that Trump will give him some sort of exile later and is hiking tariffs to prepare his excuse,” said Melo, the professor in Sao Paulo. Bolsonaro's passport was seized by Brazil's Supreme Court because he is perceived as a flight risk.

      Lawmaker Eduardo Bolsonaro, a son of the former president, moved to the US in March. On Wednesday night, he asked his supporters on X to post “their thank you to President Donald Trump." In Thursday's interview, Lula said the elder Bolsonaro “should take the responsibility for agreeing with Trump's taxation to Brazil.” “His son went there to make up Trump's mind, then he (Trump) writes a letter to speak about a case that is on the hands of the Supreme Court. A case that is not a political trial. What is under investigation is the evidence of the case,” Lula said. (AP) NB NB

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