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    Rs 640 crore cyber fraud: SC refuses anticipatory bail to CA in ED case
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    Rising number of Indian freelancers, digital entrepreneurs forming US companies; compliance risks often overlooked, say experts
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February 18, 2026
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Anticipatory bail denial in money laundering probe tied to cyber fraud highlights custodial interrogation necessity.
Refusal of anticipatory bail to a chartered accountant in a PMLA investigation stemmed from an alleged intricate mesh of laundering involving layering through thousands of mule accounts, use of an overseas payment platform and cross border cash withdrawals; the high court held custodial interrogation necessary to unravel transactions crafted by skilled professionals and to secure electronic evidence, distinguishing ordinary cryptocurrency dealings from an organised scheme to siphon investors' funds and noting allegations of assault, bribery and destruction of electronic material.
February 18, 2026
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India-EU Free Trade Agreement expands economic ties and drives technology, defence and education cooperation across Europe and India.
The India EU Free Trade Agreement is presented as the principal catalyst for deeper India-Europe economic relations, expected to expand market access and commercial opportunities. Bilateral meetings with Spain and Finland focused on leveraging the FTA to strengthen economic partnership and targeted cooperation in defence, security, advanced technologies (including AI and 6G), clean energy and higher education, while India's AI Expo serves as a platform to operationalise joint technology, startup and institutional collaboration.
February 18, 2026
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Foreign owned US LLC compliance: nonresident owners face mandatory IRS reporting and parallel Indian tax and FEMA obligations.
Nonresident ownership of US single member LLCs triggers an annual IRS Form 5472 filing obligation with steep per form penalties for non filing; this filing must be submitted by mail or fax. The US FinCEN BOI exemption for domestically formed entities does not remove Form 5472 duties. Indian residents must report and tax worldwide income and may face FEMA and Overseas Direct Investment reporting requirements, so professional cross border tax and FEMA advice is recommended before formation.
February 18, 2026
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Tariff elimination boosts India's export competitiveness, enhancing global sourcing and buyer engagement through imm india's trade platform.
Trade-policy shifts, notably the EU-India Free Trade Agreement, have eliminated or substantially reduced import duties on several Indian furniture categories, lowering average tariffs and simplifying customs procedures. imm india 2026 is structured as a B2B trade platform-featuring a Hosted Buyer Programme, The Sourcing Hub, curated showcases, and industry alliances-to enable direct sourcing, streamline buyer-seller engagement, and translate tariff and customs liberalisation into expanded export market access for Indian manufacturers.
February 18, 2026
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Trade tariffs reshape investment flows as US-Japan deal ties increased export levies to large bilateral investment commitments.
A bilateral trade arrangement between Japan and the United States is reported to include a substantial Japanese investment pledge in the US and an associated increase in export tariffs on Japanese goods, while a Japanese subsidiary's participation in a major US natural gas facility links cross border investment commitments to energy project involvement, framing market movements alongside investor concerns about overinvestment in AI infrastructure and resultant volatility.
February 18, 2026
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Benami funds allegations prompt call for parliamentary probe amid claimed regulatory inaction and governance failures.
Allegations assert the use of benami funds by close associates to amass significant stakes in a corporate conglomerate through intermediaries and trading firms, accompanied by claims of over-invoicing, cross-border transfers, and an alleged bribery scheme to secure contracts; these claims form the basis for demands for a parliamentary inquiry into corporate ownership concealment and associated governance failures amid perceived regulatory and enforcement inaction.
February 18, 2026
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Digital savings account transparency improves customer decision-making through instant account opening, UPI integration and built in interest tools.
AU Small Finance Bank's enhanced digital savings account focuses on instant digital account opening, UPI integration, 24x7 mobile banking, contactless debit card capabilities, and an integrated savings account interest rate calculator that provides transparent interest rate visibility to help customers evaluate returns, plan finances, and maintain liquidity while supporting financial inclusion.
February 18, 2026
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Business correspondent operationalisation advances as banks urged to scale services and complete digital monitoring and geotagging.
Monitoring Committee reviewed operational and governance aspects of the Business Correspondent model, noting implementation of a Business Correspondent Registry that identifies duplicate BCs and captures service and performance records; member banks completed geotagging of BC points and are using digital monitoring tools. The Committee advised banks to scale up and expand services at BC outlets, and discussed commission structures in remote areas, grievance resolution for BC organisations, and coordination to strengthen performance monitoring and financial inclusion.
February 17, 2026
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People's budget shaped by public suggestions to advance development priorities while maintaining fiscal discipline in state finances.
The upcoming state budget is characterized as a people's budget shaped by public suggestions, with over twelve thousand submissions and several thousand to be incorporated. It follows prior budget commitments-248 announcements with seventy-seven implemented and most others near completion-and is presented against strengthened fiscal metrics: rising GDP and per capita income, increased own revenue, broad departmental expenditure, fiscal deficit within FRBM limits, and a higher central tax share under the 16th Finance Commission. Socio economic gains cited include employment growth, expanded higher education, MSME formalisation, and export increases.
February 17, 2026
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Trade deal protections for farmers: government assures imports will be allowed only where farmer interests are safeguarded.
The minister stated the interim India-US trade agreement includes safeguards to prevent harm to farmers while allowing necessary imports to address domestic shortages; he defended policy choices on MSP orientation, procurement and buffer stocks as central to protecting farmer interests, and announced Bharat-VISTAAR, an AI-based platform to deliver market prices, crop advice, weather updates and scheme information to enhance farmer welfare and transparency.
February 17, 2026
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PMLA bail conditions prevent release where alleged large-scale fund diversion, multiple FIRs and risk of evidence tampering exist.
Denial of regular bail under the Prevention of Money Laundering Act followed allegations that the accused diverted homebuyer funds, leaving major construction incomplete; investigative records and account certifications showed a large shortfall between amounts collected and expenditure, and the accused was named in multiple FIRs and charge-sheets. The court found a strong possibility of reoffending or tampering with evidence if released and held that the PMLA twin bail conditions-opportunity for the prosecutor to oppose bail and judicial satisfaction of non-guilt and non-recidivism-were not satisfied.
February 17, 2026
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Secured shareholding: Byju's stake in Aakash to remain secured pending NCLAT disposal; TLPL allowed to subscribe.
Aakash undertook in the Supreme Court that Byju's shareholding in Aakash shall remain secured until disposal of the interlocutory application before the NCLAT; the Court recorded that undertaking and gave Byju's parent a limited period to subscribe to the second tranche of the rights issue. The dispute arises from TLPL's challenge to the rights issue amid TLPL's insolvency proceedings, and the NCLAT has permitted TLPL to apply for shares up to its original entitlement while restraining Aakash from taking matters requiring a special resolution until the dispute is adjudicated.
February 17, 2026
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Reporting requirement for local-currency foreign exchange derivatives now covers related-party global transactions; stakeholders invited to comment.
The Reserve Bank proposes draft Directions requiring Authorised Dealer Category - I banks to report foreign exchange derivative transactions involving the Indian currency undertaken by their related parties globally, extending trade repository coverage to offshore rupee derivative flows to enhance market transparency and pricing. The measure builds on earlier requirements for market-makers, primary dealers, and banks to report OTC and rupee interest-rate derivatives, and is published for stakeholder consultation with specified submission procedures.
February 17, 2026
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Customs digitisation shortens clearance times, enabling asset-backed logistics expansion aligned with infrastructure-focused trade reforms.
Union Budget emphasis on multimodal freight connectivity and customs modernisation is expected to reduce structural logistics costs and improve transit predictability. Glottis Logistics will invest in trailers and container assets to increase owned capacity, reduce third-party dependence and strengthen execution across trade corridors. Concurrent customs digitisation measures-electronic cargo sealing, non-intrusive inspections and extended duty deferment for authorised operators-aim to shorten clearance times and ease working capital pressures, making asset-backed operators with disciplined capital allocation better positioned to capture long-term trade competitiveness gains.
February 17, 2026
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Draft directions on foreign exchange dealings invite public comment to broaden authorised dealers' flexibility in products, risk management and platforms.
The Reserve Bank has issued draft Directions on Foreign Exchange Dealings of Authorised Persons and invited stakeholder comments. The draft seeks to refine regulation by expanding facilities and operational flexibility available to authorised dealers, focusing on foreign exchange products, risk management and trading platforms. It forms part of regulatory updates announced in the recent Statement on Developmental and Regulatory Policies, and specifies submission channels for public feedback.
February 17, 2026
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Health insurance co-payment options enhance CGHS beneficiary coverage with cashless hospitalization access and flexible network choices.
Paripoorna Mediclaim Ayush Bima is an optional indemnity-based in patient hospitalization policy exclusively for CGHS beneficiaries, coverable up to six members per policy. The product offers selectable co-payment sharing ratios between insurer and subscriber, cashless treatment through insurer and Third Party Administrator networks, and is promoted as a retail complement to existing CGHS benefits with a GST exemption to improve affordability.
February 17, 2026
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Economic security tied to self-reliance and trusted partners as trade deals reshape export controls and supply chains.
India is intensifying engagement from a position of strength, using recent trade agreements to strengthen economic security through self reliance, trusted partners, supply chain diversification and de risking in response to weaponised production, tightened export controls, market leverage and tariff induced demand uncertainty.
February 17, 2026
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Financial performance: Axis Max Life posts strong premium and profitability growth, boosting market share and new business margins.
Axis Max Life's 9M FY26 results show 20% YoY growth in Individual Adjusted First Year Premium to Rs. 6,396 crores and a 30% YoY increase in Value of New Business to Rs. 1,633 crores, with New Business Margin at 23.6% and private market share rising by 53 basis points to 9.8%; renewal premium, gross written premium, Embedded Value and Assets Under Management also registered double digit growth, while the release includes a standard disclaimer on forward looking statements and investment reliance.
February 17, 2026
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Money laundering probe: Tina Ambani skips ED summons; investigation targets alleged fraudulent foreign remittance and property sale.
Tina Ambani failed to appear for a second ED summons in a PMLA investigation concerning an alleged money trail tied to a Manhattan condominium purchase; she has been issued a fresh notice and will be questioned with her statement recorded under the Prevention of Money Laundering Act. The ED alleges a fraudulent sale of the New York property during a corporate insolvency process and that sale proceeds were remitted via a sham investment arrangement through a Dubai-based entity without the Resolution Professional's knowledge. The agency has arrested a former executive, formed a Special Investigation Team, attached assets, and filed multiple Enforcement Case Information Reports against group companies.
February 17, 2026
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Goods and Services Tax expansion lifted revenues and IGST settlements, backed by tech-driven compliance and targeted small-taxpayer measures.
GST receipts in the Union Territory rose steadily over three years, with concurrent IGST settlements from the Centre reflecting the destination-based tax design. The unified Goods and Services Tax (GST) regime and technology-enabled compliance (online registration, return filing, refunds, e-way bills) strengthened tax administration and widened the tax base. Administrative measures-Composition Scheme, quarterly returns, QRMP and district Suvidha Kendras-aim to ease compliance for small taxpayers, while sector-specific rate rationalisation and concessional inputs support handicrafts, horticulture and tourism. Remaining issues for small and unorganised producers include compliance burdens and IGST refund delays, which authorities are addressing through simplification and support.

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UP presents record Rs 9.12 lakh cr budget for 2026-27 ahead of assembly polls next year

February 11, 2026

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Lucknow, Feb 11 (PTI) The Uttar Pradesh government on Wednesday presented a record Budget of Rs 9.12 lakh crore for the financial year 2026-27, the largest in the state's history, with a focus on employment, infrastructure development and healthcare.

The Budget, tabled by Finance Minister Suresh Kumar Khanna in the state Assembly is being seen as the last full Budget ahead of the Assembly elections scheduled early next year.

Khanna said the outlay of Rs 9,12,696.35 crore is about 12.2 per cent higher than that of the previous financial year, making it the "biggest Budget ever" presented in the state.

He said Chief Minister Yogi Adityanath has been working for the development of every section and every region of the state.

The minister said capital expenditure accounts for 19.5 per cent of the total Budget. In line with the recommendations of the 16th Central Finance Commission, accepted by the Centre, the fiscal deficit limit for 2026-27 has been fixed at three per cent, which will remain applicable till 2030-31.

He asserted that the state government remains fully committed to prudent financial management and debt control.

The allocations for education and health stood at 12.4 per cent and six per cent of the total Budget, respectively. Agriculture and allied services have been allocated nine per cent of the total outlay.

Stressing that strengthening law and order remains a top priority, Khanna said Rs 1,374 crore has been proposed for the construction of non-residential police buildings and Rs 1,243 crore for residential buildings.

For medical education, an allocation of Rs 14,997 crore has been proposed. At present, the state has 81 medical colleges, of which 45 are run by the state government and 36 by the private sector. An amount of Rs 1,023 crore has been proposed for the establishment of 14 new medical colleges.

Additionally, Rs 315 crore has been earmarked for the Cancer Institute in Lucknow and Rs 130 crore for providing free treatment for incurable diseases.

Khanna said Rs 37,956 crore has been proposed for medical, health and family welfare, which is 15 per cent higher than the previous year. About Rs 8,641 crore has been allocated for the National Rural Health Mission, Rs 2,000 crore for the Ayushman Bharat National Health Protection Scheme, and around Rs 2,867 crore for AYUSH services.

For infrastructure and industrial development, Rs 27,103 crore has been proposed, 13 per cent higher than 2025-26. A provision of Rs 5,000 crore has been made for the Chief Minister Industrial Area Expansion and New Industrial Area Promotion Scheme.

Under the Swami Vivekananda Yuva Sashaktikaran Yojana, distribution of tablets and smartphones is underway, for which Rs 2,374 crore has been proposed. An allocation of Rs 2,000 crore has been made under the Atal Infrastructure Mission for infrastructure development.

The government has also provided Rs 1,000 crore for the implementation of the Incentive Policy 2023 aimed at attracting foreign direct investment and investments from Fortune 500 companies.

On the Defence Industrial Corridor project, the minister said MoUs have so far been signed for setting up 200 defence industries, entailing a proposed investment of Rs 35,280 crore and generating an estimated 53,263 direct jobs.

For micro, small and medium enterprises (MSMEs), Rs 3,822 crore has been provided, 19 per cent higher than the previous year. A new Sardar Vallabhbhai Patel Employment and Industrial Zone scheme has been proposed with an outlay of Rs 575 crore. An allocation of Rs 75 crore has been proposed for a new 'One District, One Dish' scheme.

For the handloom and textile sector, about Rs 541 crore has been proposed — more than five times the previous year's allocation. The government has set a target of generating 30,000 jobs in the textile sector in 2026-27.

A new scheme has been proposed for the modernisation of the blanket production centre in Gorakhpur with a provision of Rs 7.5 crore.

Khanna said Rs 2,059 crore has been allocated for IT and electronics schemes, 76 per cent higher than the previous year. The state will launch the Uttar Pradesh AI Mission for development in the field of artificial intelligence, for which Rs 225 crore has been proposed.

Khanna, during his speech, emphasised that capital investment and infrastructure development play a vital role in strengthening the economy and said providing employment opportunities to the state's youth and equipping them with the necessary skills is equally important.

He noted that individuals possessing technical skills or proficiency in any trade are unlikely to remain unemployed. To this end, large-scale employment-oriented training and skill enhancement programmes will be run in mission mode on a priority basis. Alongside formal education, arrangements will be made to strengthen the skill base of the youth.

The capacity of existing skill development training centres will be enhanced, and new centres will be set up across the state. Private sector participation will also be ensured in this campaign.

Skill development and job placement centres will be established in various districts under the public-private partnership (PPP) mode, he said. Separate centres will be set up for women to increase their participation in the workforce, the minister added. PTI KIS MAN DRR

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