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    Department of Commerce Reviews Flue-Cured Virginia (FCV) Tobacco Market Situation in Andhra Pradesh
    Ministry of Corporate Affairs’ ‘Corporate Mitra Scheme’ Awareness Webinar Successfully Organized by IICA Shillong for the youth and enterprises ...
    FM Sitharaman directs Income Tax dept to work for benefit of common people
    Crime Branch chargesheets 10 accused in separate fraud & forgery cases in Jammu
    ED chargesheets 3 founders of Gameskraft under PMLA
    IDFC FIRST Bank Q1FY27 Results: Highest Ever PAT of ₹1,075 Crore, Up 132.4% YoY
    India placed in lower 10 pc US tariff bracket; reaffirms commitment to BTA
    Ratnaveer Precision Engineering Reports 20% Revenue Growth and 21% PAT Growth in Q1 FY27
    India placed in lower tariff tier at 10 pc under US Section 301 measures on forced labour: Govt
    ED report says CMRL ex-MD cited Veena’s ties to then Kerala CM for payments
    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman outlines 5Rs of responsive tax governance; Calls for greater tax certainty and ...
    Trump says US will investigate EU trade practices, claiming bloc unfairly fined tech giants
    World shares are mixed and oil prices fall, markets in Asia skid in sell-off of AI-related shares
    Sitharaman ask I-T officials to go after tax evaders, ensure convenience for honest taxpayers
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    Rupee recovers 20 paise to settle at 96.53 against US dollar
    Sri Lanka welcomes US tariff reduction
    DPIIT's One District One Product Initiative Promotes 1,244 Unique Products Across 773 Districts
    India's Services Exports Rise to USD 421.3 Billion in FY 2025-26, Led by Telecommunications, Computer and Information Services and Business Services
    India and Israel Conclude Second Round of Negotiations for Proposed Free Trade Agreement
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    July 27, 2026
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    FCV tobacco market stability remains under review through coordinated measures to protect growers and maintain transparent auction operations.
    FCV tobacco market stability was reviewed with emphasis on protecting growers' interests and considering long-term measures for the sector. The delegation inspected Tobacco Board auction operations, interacted with growers on prevailing market conditions, and noted the transparent and orderly conduct of auctions. The Government is monitoring developments and examining appropriate measures with the State Government, Tobacco Board and stakeholders to safeguard FCV tobacco farmers' interests.
    July 27, 2026
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    Corporate Mitra Scheme supports MSMEs through accredited professionals delivering affordable compliance, financial, taxation, accounting and governance assistance.
    The Corporate Mitra Scheme seeks to strengthen MSMEs by connecting them with accredited para-professionals providing affordable compliance and business-support services. Corporate Mitras are envisaged to assist with regulatory compliance, finance, taxation, accounting and governance, allowing enterprises to focus on growth. The scheme also trains young graduates in industry-relevant skills and creates employment opportunities. IICA Shillong serves as the nodal agency for coordination, stakeholder liaison, promotion and awareness in the North Eastern Region.
    July 26, 2026
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    Tax administration must deliver timely lawful service, protect public assets, and uphold integrity in tax collection.
    Tax administration should assist common citizens by handling matters within departmental authority without unnecessary delay, while remaining within applicable rules. Government departments should protect public land from illegal occupation and expedite lawful land transfers, permissions, construction arrangements and procurement for departmental premises and accommodation. Integrity is the essential principle for officials performing tax-collection functions.
    July 26, 2026
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    Investment fraud and forged residence certificates prompted chargesheets over alleged misappropriation, fabricated revenue records, land purchases and employment access.
    Criminal chargesheets concerned alleged investment fraud through false promises of high returns and alleged misappropriation of investor funds, involving a company stated to be unregistered with SEBI, RBI and the relevant Registrar of Companies. A separate chargesheet concerned alleged conspiracy to procure permanent resident certificates using forged revenue records, with the certificates allegedly used for land purchases and government employment. Forensic examination reportedly found that the relevant revenue documents were not genuine according to official records.
    July 25, 2026
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    Money-laundering allegations in online rummy gaming prompt prosecution proceedings and asset attachment over suspected cheating of users.
    Money-laundering proceedings concerning online real-money rummy operations include a prosecution complaint against Gameskraft Technologies, RummyTime Technologies, founder-directors and associated persons. The allegations concern proceeds of crime said to arise from cheating users through rummy applications and from an addictive environment encouraging repeated wagering. The proceedings also involve provisional attachment, seizure and freezing of financial holdings, equity interests and immovable properties alleged to be connected with suspected proceeds of crime. The founder-directors' arrests were declared invalid by the Karnataka High Court, while the investigating agency proposes to challenge that order.
    July 25, 2026
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    Banking financial performance reflected loan and deposit growth, improved asset quality, stronger margins and prudent contingency provisioning.
    Quarterly financial performance reflected growth in customer business, loans and deposits, expansion in lending portfolios, an improved CASA ratio and lower cost of funds. Asset quality improved through reductions in gross and net non-performing assets, while profitability indicators improved in relation to net interest margin, cost efficiency, provisions, net profit and return on assets. The bank received credit-guarantee claims for its microfinance portfolio and created a contingency provision for macroeconomic and geopolitical uncertainty. Capital adequacy and common equity tier-one ratios were also reported.
    July 25, 2026
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    Forced-labour import tariffs place Indian goods under an additional duty while exemptions preserve access for specified exports.
    A 10 per cent Section 301 additional import duty applies to specified Indian goods over and above ordinary most-favoured-nation duty, following a forced-labour-related investigation. Generic pharmaceuticals, smartphones, other specified products, and goods already subject to Section 232 sectoral duties remain outside the additional levy. The textile-specific mechanism has not yet been operationalised for India, while tariff-rate quota concessions using US-origin cotton and fibre were announced for certain other economies. India continues engagement on a bilateral trade agreement and tariff access for garments using American inputs.
    July 25, 2026
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    Copper Clad Laminate expansion advances through policy and rights-issue approvals, supporting domestic electronics manufacturing and strategic growth initiatives.
    The company reported progress on a proposed Copper Clad Laminate manufacturing project, including in-principle approval under the Gujarat Electronics Policy and substantial project completion. The facility is intended to support domestic electronics manufacturing and reduce import dependence. It also reported upgraded credit ratings, enhanced rated bank facilities, and stock-exchange in-principle approvals for a proposed rights issue supporting expansion and strategic growth initiatives.
    July 25, 2026
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    US forced-labour tariffs place India in a lower tier while preserving exclusions for specified imports and Section 232 products.
    US Section 301 forced-labour measures impose an additional 10 per cent tariff on imports from India, with India placed in a lower tariff tier than initially proposed. Generic pharmaceuticals, smartphones and certain specified products outside additional duties remain excluded, as do products already covered by Section 232 measures, including steel, aluminium and auto parts. The textile-specific mechanism has not yet been established or operationalised, and engagement continues in connection with bilateral trade agreement negotiations.
    July 25, 2026
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    Money-laundering investigation examines alleged fictitious expenses, circular vendor payments, and consultancy payments without services or deliverables.
    A money-laundering investigation alleges misappropriation through fictitious expense entries, unsupported vouchers, and inflated vendor invoices used to withdraw funds in cash. The Enforcement Directorate further alleges that payments described as software or IT consultancy expenses were made to Exalogic Solutions Pvt Ltd and Veena T without services or deliverables. The report cites statements concerning the alleged sham payments, Exalogic's dependence on company funds, and subsequent transfers from its account. The PMLA case is based on a prosecution complaint concerning suspected financial irregularities.
    July 25, 2026
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    Tax certainty and taxpayer-centric administration drive simplified compliance, reduced litigation, digital service delivery, and stronger voluntary tax compliance.
    Tax administration reform under the Income-tax Act, 2025, rules and forms is directed toward a simpler, transparent and taxpayer-centric system. Key priorities include reducing compliance costs and litigation through tax certainty, faster return processing, refunds, grievance redressal, voluntary compliance and timely appeal disposal. Digital initiatives, including PAN 2.0, ITBA 2.0, IEC 3.0, Kar Saathi and SAKSHAM NUDGE, are intended to simplify compliance and improve taxpayer experience. Capacity building in technology, international taxation, transfer pricing, digital assets and cybersecurity supports this reform agenda.
    July 24, 2026
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    Trade Practice Investigation: Tech-company antitrust fines prompt proposed tariffs and trade sanctions under federal trade law mechanisms.
    A formal investigation into alleged unfair trade practices has been announced in response to European regulatory fines imposed on major United States technology companies. The stated concern is that digital antitrust penalties are unfairly directed at United States businesses, with possible tariffs on European Union imports indicated. The proposed response is linked to Section 301 of the Trade Act of 1974, permitting import taxes and other sanctions against unjustifiable, unreasonable or discriminatory trade practices.
    July 24, 2026
    Show AI Summary
    Import tariffs and energy costs heighten inflation risks, pressuring consumers, corporate profits and monetary-policy expectations amid market volatility.
    Fresh tariffs on imports, rising energy prices and Middle East conflict are identified as concurrent pressures on global financial markets. The tariff measures apply to nearly all imports into the United States and are paid by importing companies, which typically pass the additional costs to consumers. Higher energy costs and tariffs may increase inflationary pressure, reduce household discretionary spending and affect corporate profitability, while influencing monetary-policy expectations. Investors also questioned whether substantial artificial-intelligence investment can support technology-sector valuations.
    July 24, 2026
    Show AI Summary
    Responsive tax governance promotes taxpayer convenience, correction of bona fide errors, tax certainty, prompt refunds and prevention of avoidable litigation.
    Responsive tax governance requires convenience for honest taxpayers, correction of bona fide errors and firm consequences for deliberate tax evasion. The Income Tax Act, 2025 is intended to simplify the legal framework, reduce uncertainty and lower compliance costs, supported by stronger electronic filing infrastructure and prompt refund processing. Tax certainty should promote voluntary compliance and shift the focus from litigation management to litigation prevention through consistent guidance, simplified procedures, technology, standardised processes, effective grievance resolution and reduction of recurring taxpayer difficulties.
    July 24, 2026
    Show AI Summary
    Examination integrity safeguards prompt monitoring, enforcement action and proposed stricter penalties for paper leaks and institutional failures.
    Examination integrity measures include reported termination of agency officials, contemplated legal and criminal action, proposed stricter punishment for paper leaks, and Supreme Court monitoring of preventive steps. The Supreme Court also prohibited unauthorised posting or uploading of audio-video court proceedings on social media and digital platforms without prior administrative permission. The updates further address taxpayer facilitation alongside firm action against evasion, trade measures connected with forced-labour concerns, and potential legal action concerning university communications to students.
    July 24, 2026
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    Foreign exchange market stabilisation supported rupee recovery as investor outflows, geopolitical tensions and elevated crude prices maintained currency pressure.
    Foreign exchange market conditions saw the rupee recover against the US dollar amid reports of Reserve Bank of India intervention and dollar sales by public-sector banks to limit further depreciation. Foreign institutional investor outflows, weak domestic equity sentiment, geopolitical tensions, and elevated crude oil prices continued to pressure the currency. A decline in crude prices, diplomatic engagement, and central-bank intervention were identified as potential stabilising factors.
    July 24, 2026
    Show AI Summary
    Forced-labour import prohibition enabled lower tariff treatment for Sri Lankan goods, supporting export competitiveness and responsible trade practices.
    Tariff treatment for Sri Lankan goods entering the United States was reduced after Sri Lanka prohibited imports of goods produced using forced labour. The prohibition placed Sri Lanka within the lower tariff category under the stated US framework. The reduction is described as supporting exporter competitiveness while reflecting commitments to fair trade, responsible business practices, internationally accepted labour standards, and sustainable economic reforms.
    July 24, 2026
    Show AI Summary
    One District One Product strengthens district product branding, market access, food-processing support and export-oriented value chains.
    The One District One Product initiative supports district-identified products through branding, market access, exhibitions, capacity building and Government e-Marketplace onboarding. States and Union Territories select products and may leverage Central and State schemes, as no district-specific allocation is made. PM Ekta Malls and the PMFME Scheme support sales, food-processing projects, common infrastructure, branding, packaging, quality standardisation and food-safety compliance. Districts as Export Hubs promotes export-potential products through export committees, action plans and value-chain coordination.
    July 24, 2026
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    Services export promotion expands market access, professional mobility, qualification recognition and trade outreach for Indian service suppliers.
    Services export promotion combines targeted market and sector strategies, removal of domestic impediments, trade agreements and export-promotion activity. Free Trade Agreements secure market access and national treatment for Indian service suppliers, support transparent and time-bound authorisation processes, and facilitate temporary mobility of skilled professionals. Mutual Recognition Agreement provisions seek recognition of qualifications and licensing requirements. The framework also addresses social-security coordination, student mobility, traditional medicine and double-taxation commitments for IT services. The Services Export Promotion Council supports market development, trade facilitation, capacity building and international outreach.
    July 24, 2026
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    Free trade agreement negotiations advance as India and Israel address market access, origin rules, customs facilitation and economic cooperation.
    India and Israel completed the second round of negotiations for a proposed Free Trade Agreement under the Terms of Reference signed in November 2025. Technical discussions covered trade in goods and services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, intellectual property rights, customs procedures, trade facilitation and economic cooperation. Both sides sought to narrow gaps, identify areas of convergence and work towards early conclusion of a balanced, comprehensive and mutually beneficial agreement.

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      Government funding vote fails again in Senate as hopes fade for quick end to shutdown

      October 4, 2025

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      Washington, Oct 3 (AP) Hopes for a quick end to the government shutdown faded Friday as Democrats refused to budge in a Senate vote and President Donald Trump readied plans to unleash layoffs and cuts across the federal government.

      On the third day of the shutdown, a Senate vote to advance a Republican bill that would reopen the government fell well short of the 60 needed to end a filibuster and pass the legislation.

      Senators were expected to depart for the weekend, and there have been few signs of any real progress towards ending the congressional standoff.

      Democrats are demanding that Congress extend healthcare benefits, while Republicans are trying to wear them down with day after day of voting on the House-passed bill that would reopen the government temporarily, mostly at current spending levels.

      “I don't know how many times you're going to give them a chance to vote no,” Senate Majority Leader John Thune said at a news conference Friday. He added that he would give Democratic senators the weekend to think it over.

      Although Republicans control the White House and both chambers of Congress, the Senate's filibuster rules make it necessary for the government funding legislation to gain support from at least 60 of the 100 senators.

      That's given Democrats a rare opportunity to use their 47 Senate seats to hold out in exchange for policy concessions. The party has chosen to rally on the issue of health care, believing it could be key to their path back to power in Washington.

      Their primary demand is that Congress extend tax credits that were boosted during the COVID-19 pandemic for health care plans offered under the Affordable Care Act marketplace.

      Standing on the steps of the US Capitol on Thursday, House Democratic leader Hakeem Jeffries said, “Understand this, over the last few days and over the next few days, what you're going to see is more than 20 million Americans experience dramatically increased health care premiums, co-pays and deductibles because of the Republican unwillingness to extend the Affordable Care Act tax credits.” The shutdown gamble Democrats are running the high-risk strategy of effectively voting for a government shutdown to make their stand. Trump has vowed to make it as painful as possible for them.

      The Republican president has called the government funding lapse an “unprecedented opportunity” to make vast cuts to federal agencies and potentially lay off federal workers, rather than the typical practice of furloughing them. White House budget director Russ Vought has already announced that he is withholding billions of dollars for infrastructure projects in states with Democratic senators.

      On Friday morning, Vought said he would withhold another USD 2.1 billion for Chicago infrastructure projects to extend its train system to the city's South Side.

      Jeffries has displayed no signs of budging under those threats.

      “The cruelty that they might unleash on everyday Americans using the pretense of a shutdown is only going to backfire against them,” he said during an interview with The Associated Press and other outlets at the Capitol.

      Still, the shutdown, no matter how long it lasts, could have far-reaching effects on the economy. Roughly 750,000 federal employees could be furloughed, according to the nonpartisan Congressional Budget Office, and they could lose out on USD 400 million in daily wages.

      That loss in wages until after the government reopens could drive down wider demand for goods and services.

      “All around the country right now, real pain is being endured by real people because the Democrats have decided to play politics,” said House Speaker Mike Johnson on Friday.

      The White House also began its press briefing on Friday by rattling off the various consequences of the shutdown that were already hitting Americans. Press secretary Karoline Leavitt discussed a report that said military families are already seeking food aid as troops go without a paycheck.

      “This madness must end,” she said.

      Who will take the blame? The American public usually spreads the blame around to both major political parties when it comes to a government shutdown. While Trump took a significant portion of the blame during the last partial government shutdown in 2018 as he demanded funding for a US-Mexico border wall, this standoff could end differently because now it is Democrats making the policy demands.

      Still, lawmakers were relentlessly trying to make their case to the American public with a constant beat of news conferences, social media videos and livestreams. Congressional leaders have been especially active.

      Both sides expressed confidence that the other would ultimately be found at fault. And in the House, party leaders seemed to be moving farther apart rather than closer to making a deal to end the shutdown.

      Jeffries on Thursday called for a permanent extension to the ACA tax credits. Meanwhile, Johnson and Thune told reporters that they would not negotiate on the tax credits until the government is reopened.

      Talks in the Senate A bipartisan group of senators, including moderate Democrats who have said they want to find a quick resolution, has been discussing possible health care compromises through one-on-one talks over the last two days.

      One option floated by South Dakota Sen. Mike Rounds, a Republican, would extend the higher subsidies for one year and then phase them out to pre-pandemic levels.

      Thune acknowledged those conversations on Friday, telling reporters, “Honestly, I think the more productive conversations are happening outside of the leader office at the moment.” Still, it was unclear if they would be able to find a solution that could appease the White House and Republican leaders, who want to see cuts to the subsidies, which are part of the Affordable Care Act, former President Barack Obama's signature health care law. Thune also said he wasn't sure if a compromise would have the votes to pass.

      House Speaker Mike Johnson, R-La., said Friday that “more reforms are coming” to the ACA subsidies, which he said “are not working.” Sen. Amy Klobuchar, in a floor speech, called for Republicans to work with her and fellow Democrats to find “common ground” on the ACA subsidies, saying their expiration would impact plenty of people in states with GOP senators — especially in rural areas where farmers, ranchers and small business owners purchase their own health insurance.

      She said that it was difficult to trust that Republicans could deliver on anything if Trump is not on board. “We know that even when they float ideas — which we surely do appreciate — in the end the president appears to make the call,” she said. (AP) GRS GRS

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