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    ED raids in Bengal, 3 other states in illegal Bangladeshis, Rohingyas infiltration case
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    TCS opens AI-focused Gemini experience centre in Kolkata
    I-T dept raises Cost Inflation Index to 384 for FY27
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    July 16, 2026
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    Money-laundering investigation targets alleged foreign-funded network facilitating illegal infiltration, forged identity documents and economic rehabilitation of immigrants.
    A money-laundering investigation examined an alleged syndicate facilitating illegal infiltration, forged Indian identity documents and settlement of Bangladeshi nationals and Rohingyas. Investigators alleged that public charitable trusts receiving foreign contributions channelled funds through multiple bank accounts, mule accounts and layered transactions to support economic rehabilitation through cash assistance, employment and income-generating arrangements. Searches were conducted under the Prevention of Money Laundering Act.
    July 16, 2026
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    Money-laundering investigation examines alleged foreign-funded networks supporting illegal infiltration, forged documents, and economic settlement of migrants.
    A money-laundering investigation concerns an alleged network facilitating illegal entry and settlement of Bangladeshi and Rohingya nationals. The alleged scheme involved forged identity and travel documents, charitable trusts receiving overseas contributions, and diversion of funds through bank accounts, mule accounts and layered transactions. Suspected fund use included settlement support, documentation, employment, cash assistance and income-generating assets. Searches examined the alleged infiltration, documentation and financial-support network.
    July 16, 2026
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    Agentic AI innovation centre enables consumer businesses to co-create, test and scale enterprise AI solutions across operational functions.
    TCS launched a Gemini Experience Centre in Kolkata with Google Cloud to enable consumer businesses to co-create, test and scale AI-led solutions. The centre showcases agentic AI applications for store operations, supply-chain management, omni-channel retail and customer service, serving retail, consumer packaged goods, travel, tourism and hospitality enterprises. The initiative uses Gemini Enterprise-based industry- and context-aware AI agents and seeks to accelerate agentic AI adoption and support movement from AI pilots to enterprise-scale deployment.
    July 16, 2026
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    Cost Inflation Index enables inflation-adjusted long-term capital gains calculations through indexed acquisition cost for eligible capital asset transfers.
    The Cost Inflation Index for financial year 2026-27 is 384 for computing inflation-adjusted long-term capital gains on transfers of capital assets, including immovable property, securities and jewellery. It is used to determine indexed cost of acquisition by adjusting purchase cost for inflation. Long-term classification generally requires holding exceeding 36 months, with stated periods of 24 months for immovable property and unlisted shares and 12 months for listed securities.
    July 16, 2026
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    India-EU industrial and technology cooperation advances through trade facilitation, resilient supply chains, digital innovation and expanded market access.
    India-EU industrial and technology cooperation was advanced through engagements addressing industrial collaboration, technology partnerships, bilateral trade opportunities and business-to-business cooperation. Discussions covered trade facilitation, investment flows, supply-chain resilience, digital innovation, competitiveness and regulatory challenges. The interactions emphasised industry-led growth, greater market access for Indian enterprises and innovation-driven partnerships under the Trade and Technology Council framework.
    July 16, 2026
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    Preferential India-UK trade framework introduces broad zero-duty export access, self-certified origin documentation, and social-security contribution relief for temporary professionals.
    India-United Kingdom CETA entered into force with preferential tariff treatment, including zero-duty access in the United Kingdom for nearly 99 per cent of India's exports. The Agreement covers goods, services and cooperation in customs, digital trade, financial services, telecommunications, intellectual property and professional services. The associated Agreement on Social Security exempts Indian professionals on temporary United Kingdom assignments from double social-security contributions for up to five years. Rules of Origin certification was operationalised through self-certified Certificates of Origin issued on the eCoO 2.0 platform.
    July 16, 2026
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    Labour market indicators showed stable overall participation, employment and unemployment, with marginal urban improvement and softer rural unemployment.
    Monthly labour-market estimates for persons aged 15 years and above, compiled under the Current Weekly Status approach, show stable overall labour-force participation, worker population ratio and unemployment rate in June 2026. Urban labour-force participation and worker population ratio improved marginally, while rural participation and employment remained stable. Female labour-force participation was broadly stable month-on-month. Rural unemployment eased slightly, urban unemployment rose marginally from the preceding month, and urban unemployment declined on a year-on-year basis.
    July 16, 2026
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    Competition clearance governs full acquisition of a data-centre provider alongside co-investor economic interests in the transaction.
    Competition approval concerns Opal Bidco Pte. Ltd.'s acquisition of the entire shareholding in STT GDC Pte. Ltd., a data-centre provider. The transaction also provides for specified co-investors to acquire economic interests in STT GDC on a see-through basis. STT GDC operates in India through an indirect subsidiary and is among multiple data-centre participants active in India.
    July 16, 2026
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    Windfall tax on petroleum exports revises diesel and aviation fuel levies while reducing the petrol export levy.
    Special Additional Excise Duty on petroleum-product exports was revised from 16 July 2026, increasing the levy on diesel and aviation turbine fuel exports while reducing it on petrol exports. Duty rates on petrol and diesel cleared for domestic consumption remained unchanged. The windfall tax framework seeks to support domestic fuel availability and discourage exporters from benefiting from differences between domestic and global fuel prices during elevated crude-oil prices.
    July 15, 2026
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    Duty-free market access under the India-UK trade pact expands exports while preserving safeguards for procurement and policy space.
    The India-UK Comprehensive Economic and Trade Agreement provides duty-free access for nearly 99 per cent of Indian exports and includes reciprocal government-procurement access subject to safeguards. India retains MSME preferences, limits covered procurement to selected central entities, excludes strategic sectors, and applies minimum contract thresholds. The agreement preserves compulsory licensing and permits withdrawal of certain concessions if a future UK carbon tax adversely affects Indian exports. Its gender, SME, environment, and labour chapters contain no dispute-settlement provisions.
    July 15, 2026
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    India-UK trade agreement expands duty-free market access and tariff reductions for exports, services, manufacturing and small enterprises.
    India-UK Comprehensive Economic and Trade Agreement (CETA) is stated to provide duty-free access in the UK market for 99 per cent of Indian products and to reduce or eliminate UK import tariffs across key product categories. It is expected to support Karnataka exports in manufacturing, agricultural produce, processed food, electronics, aerospace and medical devices, with certain tariff reductions phased out over time. Mode 1 services provisions are identified as beneficial to Bengaluru's IT industry, while awareness programmes and investment roadshows are proposed to help exporters and attract investment.
    July 15, 2026
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    Foreign investment screening cooperation advances investment flows alongside trade, technology, supply-chain resilience and prospective investment-protection commitments.
    India and the European Union concluded a work programme on foreign direct investment screening, exchanging best practices to facilitate investment flows. Trade and Technology Council cooperation addresses market access, standards harmonisation, supply-chain requirements, deep-tech innovation and critical dependencies. The parties also discussed free trade agreement ratification, World Trade Organization reform, and prospective investment-protection and geographical-indications agreements. The Council provides an institutional mechanism for cooperation on trade, trusted technology and economic security.
    July 15, 2026
    Show AI Summary
    Balance of payments reporting shows a current account surplus despite a wider trade deficit and portfolio investment outflows.
    Balance of payments data for April-May 2026 records a current account surplus, supported by increased net services receipts, higher inward remittances and a marginal reduction in net income outgo. The merchandise trade deficit widened as imports rose more than exports. The overall balance of payments moved into deficit, while net foreign direct investment increased and net foreign portfolio investment recorded a larger net outflow.
    July 15, 2026
    Show AI Summary
    Online betting money laundering investigation examines alleged proxy accounts, simulated salary payments, cross-border routing, and custodial investigation of the money trail.
    Money-laundering allegations concerning an online betting syndicate involve purported routing of betting proceeds through fictitious or proxy bank accounts, simulated salary payments, share-capital investments, and foreign institutional channels. An Ebix Group chairman was arrested in connection with the alleged money trail and remanded for investigation. The investigating agency states that prosecution complaints have been filed and that separate state economic-offence and central investigations address connected cases. Political-link allegations were denied, and the stated laundering assertions remain under investigation.
    July 15, 2026
    Show AI Summary
    Money laundering asset attachment addresses alleged fund diversion through false invoices, inflated construction costs, shell entities and accommodation entries.
    Provisional attachment under the Prevention of Money Laundering Act was undertaken in an alleged financial-fraud investigation involving a hospital company. The allegations concern diversion of company funds through purportedly false medical-implant invoices and inflated hospital-construction costs routed through a related company. Accommodation-entry operators and shell entities were allegedly used to conceal the origin of illicit funds. The proceeding arose from a Serious Fraud Investigation Office chargesheet against the hospital promoters.
    July 15, 2026
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    Money-laundering investigation into online betting proceeds leads to custodial remand amid allegations of layered fund routing.
    A special PMLA court remanded Ebix Group chairman Vikas Garg to Enforcement Directorate custody in an investigation into alleged money laundering linked to online betting operations. The agency alleged that betting proceeds were routed through accommodation entries, shell entities and layered transactions into entities owned or controlled by Garg, and were used to acquire shares, securities and other assets. It also alleged dissipation or encumbrance of Ebix shares and an attempt to mortgage or sell property treated as proceeds of crime.
    July 15, 2026
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    India-UK CETA tariff elimination strengthens export prospects for labour-intensive leather, jute, jewellery and agricultural products in British markets.
    India-UK CETA tariff concessions are expected to improve West Bengal's export competitiveness in the United Kingdom. Duty-free access applies to tea, mangoes and betel leaves, while import duties on jewellery have been removed. Labour-intensive leather, jute, and gems and jewellery sectors are identified as principal beneficiaries, with tariff removal also improving seafood export prospects. Further competitiveness measures are proposed to help exporters use the agreement's trade opportunities.
    July 15, 2026
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    Zero-duty market access under CETA enables Indian jewellery exporters to enter overseas markets without import tariffs.
    Zero-duty access under the India-UK Comprehensive Economic and Trade Agreement enables eligible Indian gem and jewellery exports to enter the United Kingdom market without UK import tariffs. The agreement is expected to improve market access and support value-added manufacturing, employment, skill development, and the participation of artisans, micro, small and medium enterprises, and exporters in West Bengal's gem and jewellery sector.
    July 15, 2026
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    UK-India trade agreement introduces wider market access, tariff reductions and social security arrangements to support bilateral commerce.
    The UK-India Comprehensive Economic and Trade Agreement has entered into force, providing expanded market access, tariff reduction and trade facilitation. India receives zero-duty access for nearly all exports to the UK, while UK products entering India receive duty-free or reduced-tariff treatment. The framework covers goods including textiles, leather, engineering products, food, cosmetics, alcoholic beverages and premium cars. A bilateral social security agreement has also been operationalised to support wider commercial engagement.
    July 15, 2026
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    Data governance expectations propose stronger lifecycle controls, quality standards, accountability and third-party data-sharing safeguards for regulated financial entities.
    Draft regulatory guidance on data governance proposes expectations for regulated financial entities to maintain data that is accurate, consistent, secure and fit for purpose. The framework addresses data-governance arrangements, defined roles, data architecture, metadata and data lineage, data quality, and third-party data-sharing arrangements. It applies to specified banking entities, financial institutions, non-banking financial companies, asset reconstruction companies and credit information companies, and invites stakeholder feedback on the proposed framework.

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      Centre's GST rate cuts direct consequence of BJP losing absolute majority in Lok Sabha: Abhishek

      September 22, 2025

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      Kolkata, Sep 22 (PTI) Trinamool Congress leader Abhishek Banerjee on Monday alleged that the Centre's decision to reduce GST rates across commodities was a direct fallout of the BJP losing an absolute majority in the Lok Sabha in 2024.

      Referring to Prime Minister Narendra Modi's address to the nation on the eve of GST 2.0 rollout on Sunday, Banerjee asked whether there was a "GST Loot Utsav" taking place for the past eight years.

      "There's a saying in Bengali that a cat never climbs a tree until it is in danger. The BJP has suffered electoral losses; they lost 60 seats and their tally (in Lok Sabha) has gone down from 303 to 240. That's why the GST rates have also slid from 27 per cent to 18 per cent. If their seats had been reduced further to 200, the 18 per cent GST rate would have come down to 9 per cent," Banerjee said.

      "And the day BJP finds itself having zero seats, then GST rates would also become zero," the leader said while talking to reporters after inaugurating a Durga Puja guide map and telephone directory at the office of the Diamond Harbour Superintendent of Police in Bishnupur in South 24 Parganas district.

      Banerjee also launched a special cyber cell in the district to strengthen security during the festive season against online fraud.

      "The PM talked about 'GST Bachat Utsav' in his Sunday address to the nation. So, from 2017-18, when GST was first introduced, for the last eight years or so, was a 'GST Loot Utsav' taking place?" the TMC national general secretary asked.

      The leader emphasised a direct correlation between the BJP's performance in the 2024 polls and the policy of GST cut.

      "It is evident that if the BJP loses, taxes decrease. And if the BJP wins, taxes go up. This is clear as daylight. The GST rates never went down in the past decade and no relief measure was announced for the common people. It has happened now because the BJP has lost," Banerjee maintained.

      He also lashed out at the manner in which tax collections have been managed in "non-BJP ruled states".

      "Today, the country and its economy have been brought to its knees by the BJP government. We have observed that no recommendations from states were ever taken into consideration. State devolution of GST collection, which is the rightful share of the states, is never provided on time. In the opposition-ruled states, funds are deliberately withheld. This is an attempt to ruin the economy," Banerjee alleged.

      To a question on the BJP leader Suvendu Adhikari's criticism of Chief Minister Mamata Banerjee inaugurating Durga Puja pandals before the auspicious 'Devi Paksha', the leader alleged that PM Modi had also inaugurated the Ayodhya temple three months ahead of Ram Navami, eyeing the 2024 Lok Sabha polls.

      "Well, she just inaugurated the pandals a day before the start of Devi Paksha, and did not inaugurate the idols," he said.

      "What about the PM inaugurating the Ram temple and the idol of Ram Lalla in Ayodhya in January 2024, three months before Ram Navami? Has any BJP leader commented on that act which was done eyeing the Lok Sabha elections?" he asked.

      Banerjee alleged that the Modi government has perfected the "art of double speak, taking no accountability for abrupt declaration of demonetisation leading to deaths of many people, and taking away financial dues of the state against the spirit of the federal setup".

      Accusing the BJP of lacking transparency, he demanded to know how much money had been given to West Bengal and how much taken from the state through direct and indirect taxes.

      "The BJP unilaterally imposed GST on a wide range of essential commodities. They had thought they could run the country at their will," he said.

      Banerjee also accused the BJP-led Centre of blocking funds to West Bengal for projects like MGNREGA, and alleged that the Modi government did not "honour the Calcutta High Court order on the issue".

      "When Narendra Modi talks about the poor, he must explain why 69 lakh job card holders are yet to get money from the Centre... the state mopped up resources from its limited corpus to help them," he said.

      Referring to demonetisation announced by the Modi government in 2016, he said, "The BJP is yet to reply who was responsible for pushing to death so many people in the wake of the sudden and drastic announcement of the PM. It owes an explanation to the kin of those who died waiting in queues for hours." Banerjee accused the BJP of using the two "previously independent agencies" -- ED and CBI -- to "torture its political opponents". PTI SUS SMY ACD

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