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February 21, 2026
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Temporary import surcharge alters global trade rules, reshaping US-India tariff calculus and prompting reassessment of bilateral negotiations.
A temporary import surcharge has been proclaimed under Section 122 of the Trade Act of 1974 as a time limited global ad valorem levy effective February 24, operating in addition to existing MFN and import duties and excluding specified products. The measure alters the tariff calculus for India by reducing the immediate reciprocal tariff burden relative to prior higher levies while creating uncertainty about post period tariffs; the Indian government is studying implications as bilateral trade talks continue and stakeholders call for renegotiation and sectoral protections.
February 21, 2026
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Preferential trade agreement expansion aims to broaden tariff coverage and deepen investment, technology and critical minerals cooperation India Mercosur
Expansion of the India Mercosur preferential trade agreement aims to convert a limited pact covering 450 tariff lines into a full agreement to improve market access, grow bilateral investment and foster technology partnerships. The parties set an enhanced annual trade target and signed a cooperation pact on critical minerals to support downstream processing and collaboration. Priority sectors include defense, energy and renewables, agri and agrochemicals, health and pharma, aerospace, automotive, semiconductors and digital technology, alongside measures to attract investment and ease business through visa facilitation and domestic reforms.
February 21, 2026
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Trade Agreement Suspension: call to halt and renegotiate interim India-US deal to protect farmers after US tariff invalidation.
The article demands suspension and renegotiation of the interim India-US trade framework to protect farmers, asserting the Framework cannot be implemented following judicial invalidation of presidential tariff powers and the administration's subsequent reliance on alternative tariff measures; it requires the government to commit to no import liberalisation on agricultural products, to review the agreement's haste and sustainability, and to safeguard non tariff protections and domestic livelihoods pending clarifications.
February 21, 2026
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Trade tariff changes threaten agricultural export competitiveness and expose domestic farmers to cheaper foreign imports.
An interim trade agreement reduces previously higher reciprocal US duties on Indian imports to a lower tariff level while lowering or eliminating duties on certain US agricultural imports into India, a realignment presented as likely to raise prices of Indian farm exports in the US and to increase competitiveness of US products domestically, threatening export opportunities for maize, soybean, dairy, peanut and cotton producers and exposing domestic farmers to cheaper US imports.
February 21, 2026
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Pharma exports: government and industry focus on market access and trade engagement to boost competitiveness and growth.
The commerce ministry and industry discussed measures to sustain and accelerate pharmaceutical exports, focusing on enabling conditions, resolving trade bottlenecks, and coordinated engagement with exporters, regulators, and Indian Missions. Strategic trade engagements with major partners were identified to improve market access, competitiveness, and regulatory compliance, supporting industry aims for double-digit expansion.
February 21, 2026
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Customs port status enables Jalna dry port to commence import-export operations after award of long-term operating mandate.
The National Highway Authority accepted Vikas Coal and Minerals Pvt. Ltd.'s bid to operate the Jalna Dry Port under a long-term operating mandate, subject to completion of administrative approvals and bank guarantee formalities; the operator will pay an annual, turnover-based fee. The facility has received customs port status, enabling import-export and customs processing, and essential infrastructure including a cargo terminal and a dedicated rail connection is operational, supporting imminent commencement of operations.
February 21, 2026
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Presidential tariff authority curtailed; temporary import surcharge imposed alters bilateral tariff treatment and prompts trade talks.
Presidential tariff authority was found to have been exceeded when broad import levies were imposed; an executive proclamation subsequently announced a temporary import surcharge that modifies effective tariffs and operates in addition to existing MFN or import duties, prompting review of legal and commercial consequences and informing ongoing bilateral trade negotiations.
February 21, 2026
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Tariff ruling prompts government review of international trade measures and potential policy implications for exporters and customs operations.
The government is assessing recent developments on US tariff measures after a judicial decision and an executive statement, and is studying announced administrative steps to evaluate implications for trade policy, tariff administration, and customs procedures.
February 21, 2026
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Global tariffs may trigger market sell-offs, increasing interest in presale crypto assets with perceived volatility protection.
Announcement of renewed global tariffs and the Supreme Court's limitation on tariff authority are presented as macro drivers likely to increase market volatility, prompting traders to seek presale tokens. The article promotes DeepSnitch AI-citing reported presale funds raised, a preview of a dashboard powered by five AI agents, and an LLM-style DYOR risk-assessment tool-as a presale asset positioned to mitigate short-term swings; it contrasts this with BNB and XRP, which show modest recoveries but remain vulnerable to downside scenarios.
February 21, 2026
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Withdrawal from Rule 14A registration: online opt out with Aadhaar authentication and specified return conditions required.
Enables electronic withdrawal from Rule 14A by filing Form GST REG-32 on the GST Portal: eligible active taxpayers must select the opt out option, state a reason, and complete Aadhaar authentication for the primary authorised signatory and at least one promoter/partner; ARN is issued only after successful authentication. Filing requires meeting return filing preconditions and completion of draft submission and authentication within specified timelines. While REG 32 is pending, certain amendments and self cancellation are barred. After issuance of Form GST REG-33, taxpayers must report output tax liability on supplies to registered persons exceeding the prescribed threshold.
February 21, 2026
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Trade tariffs: US issues new global import levy after court ruling, altering reciprocal duties and exporter compliance obligations.
The Supreme Court's invalidation of the prior tariff framework prompted an executive proclamation establishing a new global import surcharge, producing a uniform temporary levy that recalibrates reciprocal duties on foreign exporters and requires exporters and advisors to reassess customs, contractual and compliance implications under the revised tariff regime.
February 21, 2026
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Reciprocal tariffs transformed into temporary import surcharge, altering tariff exposure and prompting reassessment of bilateral trade concessions.
The US proclamation replaces varied reciprocal tariffs with a uniform temporary import surcharge of 10 per cent ad valorem applied in addition to MFN duties on goods previously covered under reciprocal tariffs. Indian exports will therefore bear MFN duties plus the temporary surcharge rather than the earlier country specific reciprocal or punitive levies; certain sectoral tariffs remain in force and specified categories of goods are exempted from the temporary surcharge. The change is contemporaneous with negotiations on an initial bilateral trade agreement, prompting a reevaluation of tariff concessions.
February 21, 2026
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Merchandise trade indices base year revision updates weights, classifications and methodology to reflect current trade structure and improve comparability.
DGCI&S has revised the merchandise trade indices to base FY 2022-23 to reflect current trade composition, updating commodity baskets and month-specific weights based on base-year trade values. The revised series incorporates monthly, quarterly and annual Export/Import Unit Value and Quantity Indices, Principal Commodity, SITC and BEC classifications, bilateral and region-wise indices for top partners, and Gross, Net and Income Terms of Trade. Methodological refinements cover common commodity-basket selection, imputation of missing unit values and Laspeyres-type weighted averaging; comparability is meaningful mainly for same-month comparisons across years. Detailed methods and data will be published by DGCI&S.
February 21, 2026
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Administrative data harmonization to inform a national agenda and prepare states for coordinated governance reforms.
The Ministry of Statistics and Programme Implementation is convening a national consultative workshop on using administrative data for governance to brief States/UTs, Central ministries and other stakeholders on objectives, scope and key issues, as a preparatory step for a national summit. The workshop will gather expert deliberations, showcase use cases, and collate inputs from State level workshops to identify priority reform areas for strengthening administrative data systems and enabling responsible harmonization across departments.
February 21, 2026
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Presidential tariff authority reversed, trade deal's tariff basis challenged; India-US agreement's viability questioned, prompting political backlash domestically.
Following a judicial curtailment of presidential power to impose global tariffs under emergency authority, the US administration invoked an alternative statute to impose a temporary import surcharge to preserve an existing India-US interim trade framework; this shift alters the tariff basis of the deal and raises questions about the surcharge's applicability to India and the deal's implications for market access, subsidy withdrawal, agricultural protections, energy security, and data safeguards.
February 21, 2026
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Presidential tariff authority limited by court; administration seeks alternative statutory paths to maintain import duties, prolonging business uncertainty.
The Supreme Court ruled the president lacked authority under the emergency-powers framework to impose import tariffs, voiding tariffs imposed on that basis while leaving open the administration's use of other statutory authorities to impose duties; the decision narrows one executive route for tariffs but creates complex refund and recovery issues and leaves many existing tariffs under different authorities intact.
February 21, 2026
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Separation of powers affirmed: Presidential global tariffs invalidated, reaffirming that only Congress may impose taxes.
A Supreme Court decision concluded that broad presidential global tariffs exceeded executive authority by encroaching on Congress's exclusive power over taxation; counsel for small businesses argued the levies operated as taxes imposed without congressional authorization, framing the dispute as a structural separation of powers issue and reaffirming that only Congress can impose taxes.
February 21, 2026
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Invalidation of emergency tariff authority leaves collected import duties subject to refund and protracted litigation.
The Supreme Court held the International Emergency Economic Powers Act did not authorize presidential tariffs, leaving collected import duties unlawful but not prescribing a refund mechanism. Administration of refunds will likely involve the customs agency, specialised trade tribunals and lower courts, utilising or adapting existing duty correction procedures, and is expected to produce prolonged, multi jurisdictional litigation as importers seek recovery while consumers face evidentiary obstacles to claiming pass through losses.
February 21, 2026
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KYC/KYB compliance automation expands: AI platform streamlines MSME due diligence, risk screening and faster onboarding for lenders.
An AI-powered KYC/KYB platform automates entity and individual due diligence and compliance for the BFSI sector, centralising MSME discovery and risk evaluation via a large multi-source data lake. It supports onboarding, underwriting, GTM optimisation and credit decisioning by converting fragmented business information into actionable intelligence. The system enables scaled lead generation, automated due diligence, and extensive sanction and litigation screening to bolster anti-money laundering controls, and provides a Model Context Protocol allowing configurable AI agents and custom model integration to align with institutional policies.
February 21, 2026
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Temporary import surcharge lowers reciprocal US tariff on Indian goods following legal limitation on presidential tariff powers
A presidential proclamation imposes a temporary import surcharge of ten per cent ad valorem, effective February 24, 2026, applied in addition to existing Most Favoured Nation duties; this replaces prior broader reciprocal levies on Indian goods, while higher sectoral tariffs for specified products remain and the surcharge applies only to a portion of exports due to coverage exemptions.

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40 world chefs' broke bread and boundaries at the IIHM International Young Chef Olympiad

February 11, 2026

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IIHM's Kotamsetti Teja took India to the finals of the global event; Albania, England, and Sri Lanka won the top three positions in the largest culinary event of young chefs in the world KOLKATA, India, Feb. 10, 2026 /PRNewswire/ -- After a week of brandishing knives, delivering cuts, and marinating rivalries with sizzle and bake, student chefs, enroute to becoming Michelin stars, all won the world's biggest culinary competition for student chefs—the IIHM International Young Chef Olympiad 2026. Across 40 countries from almost every continent in the world, they displayed the transformative power of food as a glue that binds humanity. They broke bread. But they broke something bigger. Boundaries. Yes, there were gold, silver, and bronze winners, who have gone back to their countries, welcomed, embraced, and saluted by governments and institutions. There were 26 kilo trophies carried back with no weight on their shoulders, only a lightness of achievement. Yes, there were some medals. But many more memories. For the 12th successive year, this Young Chef Olympiad, a brainchild of the visionary Chairman of IIHM, Dr. Suborno Bose, has pulled off the impossible—getting the world to cook collaboratively, display talent of a proportion that secures the future of culinary arts, and build a declared commitment of sharing and collaboration of knowledge from culinary colleges the world over, to preserve global culinary heritage, embracing AI as a tool for learning and time-saving, and fortifying human connections with that time. The top three who stood as winners on the podium were excellent representatives of the spirit of the Young Chef Olympiad. The others who didn't get crowned may have missed out narrowly on marks, but stood tall as some of the world's best. Like Kotamsetti Satya Teja, a student of IIHM Kolkata from coastal Andhra Pradesh, who showcased his craft in his home kitchen on a stage which had the best teams competing and took India to the finals, making him one of the ten best student chefs in the world. Teja was also awarded for his innovative use of AI for recipe analysis in his culinary ensemble, balancing taste and nutrition, and received the Kitchen Cut Award from top-notch Michelin-star chef John Wood. Conceived, hosted, and nurtured by the International Institute of Hotel Management (IIHM), YCO 2026 unfolded again as a global movement in culinary education, cultural diplomacy, and responsible innovation. From the opening ceremony at the sprawling Signature Club Resorts at Brigade Orchards in Bengaluru, the YCO caravan of different teams travelled across Delhi, Pune, Goa, and Hyderabad for the early rounds of the competition before converging in Kolkata for the final rounds of this global event. On the grand finale stage under the clear night sky of Kolkata, Enri Cuedari of Albania, from Instituti Kulinari Neranxi, lifted the Golden Trophy and was crowned with the Golden Toque, becoming World Champion in what is widely recognised as the world's largest and most collaborative competition for student chefs. England, the defending champion from YCO 2025, secured the silver medal through Dominic Thomas Grundy of Westminster Capital City College. Sri Lanka claimed the bronze, represented by Vidanagamage Rumira Reshan Piyasiri of the Colombo Academy of Hospitality Management. The Plate Trophy was won by Maelyss Helene Parrot of France, one of the world's finest culinary nations. The Dr. Suborno Bose Challenge Trophy, a heartwarming competition where two countries are paired and cook a dish together, embodying how food has its own language of unity, was won by Ozodbek Odilov of Uzbekistan and Melquirudi Leki-Bere da Cunha of Timor-Leste. A Festival of Learning, Not Just a Competition Speaking at the conclusion of the Olympiad, Padma Shri Chef Sanjeev Kapoor, Principal Judge of YCO 2026, described the event as a "festival of learning"—a phrase that resonated deeply with the students, mentors, and global jury assembled in Kolkata. That sentiment was echoed and firmly anchored by Dr. Suborno Bose, Founder-Chairman of IIHM and Chief Mentor of the Young Chef Olympiad, who emphasised that learning lay at the heart of every design decision taken for YCO 2026. "From the outset, YCO 2026 was designed not as a competition that teaches, but as an education system that happens to compete. Every kitchen, every city, every interaction was structured as learning," Dr. Bose said. From competitive kitchens to symposium halls, from heritage research to peer collaboration, the Olympiad functioned as a living classroom—where performance and pedagogy coexisted seamlessly. A Student-First Global Platform At a time when large international events often prioritise spectacle, Dr. Bose underscored that YCO 2026 took a fundamentally different approach. "YCO 2026 was unapologetically student-first. Every decision—competition formats, knowledge sharing, AI tools, MOUs, and global exchanges—was taken by asking one question: how does this serve student learning?" he emphasised. This student-first philosophy was evident across the Olympiad's structure. The Top 10 finalists—representing Albania, England, Sri Lanka, India, the Philippines, Malaysia, Nepal, Sweden, Canada, and Switzerland—earned their places through integrity, discipline, and respect for both tradition and innovation. More importantly, every participant, regardless of ranking, returned home with global exposure, lifelong peer networks, and shared learning. Preserving Culinary Heritage in the Age of AI The defining theme of YCO 2026—"Preserving the World's Global Culinary Heritage through AI"—ran through every competition, symposium, and side event. IIHM positioned Artificial Intelligence not as a replacement for craft, but as a guardian of memory—a tool to document, preserve, and respectfully carry culinary traditions forward. For the first time in the Olympiad's history, participating countries were positioned as a living laboratory of global culinary heritage. Through the exchange of AI-enabled Culinary Heritage Dossiers, nations shared their ingredients, techniques, food philosophies, and cultural contexts—transforming fragile, often oral traditions into structured, living knowledge. "Heritage is not nostalgia," Dr. Bose noted during the journey. "It is alive—experienced through people, kitchens, mistakes, learning, and friendships. AI helps us carry it forward responsibly." IIHM also announced the development of country-specific Culinary Heritage GPTs, positioning YCO as the world's first AI-powered, country-by-country culinary knowledge platform built around a live global competition. Global MOUs and Knowledge Without Borders A major milestone during YCO week was the signing of Global MOUs and the Global Culinary Knowledge Declaration with institutions from 34 countries. These agreements embedded student exchange, faculty collaboration, AI-enabled learning, and shared research into IIHM's global academic framework. Under the AI-LEAP (AI Literacy Education Acceleration Program), IIHM committed to inclusive, ethical AI education, reinforcing its philosophy of "High Tech, Higher Touch." "This was never about signatures," Dr. Bose said. "It was about ensuring that students across continents learn together, grow together, and prepare responsibly for the future of hospitality." Learning Beyond the Podium The final days of YCO 2026 saw Chef Sanjeev Kapoor at IIHM's Kolkata Global Campus, where he conducted an inspiring Global Masterclass on Indian millets. The session highlighted nutrition, sustainability, and innovation—bridging ancient Indian wisdom with modern global kitchens. Interacting closely with students, Chef Kapoor remarked that only IIHM could pull off an event like the Young Chef Olympiad, blending competition, education, culture, and technology into one cohesive global platform. Competition with Conscience Professor David Foskett, MBE, Chairman of the Grand Jury and Chairman of the International Hospitality Council, observed that YCO 2026 reaffirmed a vital truth about hospitality education. "The future of our profession must move beyond textbooks and trophies," he said. "Through initiatives like the United World of Young Chefs, the Global Knowledge Sharing Declaration, and the Culinary Heritage Dossiers, YCO transformed competition into collaboration. Students returned home not just with sharper skills, but with friendships, stories, and global perspective." A Finale—and a Beginning The Grand Finale celebrations at Kolkata brought together culture, music, and shared joy, marking the culmination of an extraordinary global journey. Medals were awarded. Champions were crowned. But what endured was far greater: a reaffirmation that education, not just excellence, lies at the heart of global culinary leadership. The Olympiad ended. The journey, unmistakably, had only just begun Photo: https://mma.prnewswire.com/media/2891121/IIHM.jpg' alt='Embedded Media' /> Photo: https://mma.prnewswire.com/media/2891122/IIHM_1.jpg' alt='Embedded Media' /> Logo: https://mma.prnewswire.com/media/2569189/5781596/IIHM_Logo.jpg' alt='Embedded Media' /> CONTACT: Mr Sujay Gupta, Group Director Media & Communications, IIHM Group, +91-9923057937, [email protected] (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI

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