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    India-US tariffs after Supreme Court verdict: An explainer
    Directorate General of Commercial Intelligence and Statistics Revises Base Year of Merchandise Trade Indices to FY 2022–23 to Reflect Current Trade ...
    MoSPI to Convene National Level Consultative Workshop on "Using Administrative Data for Governance: Harmonizing Departmental Data at State Level" on 2...
    Congress claims US trade deal has become an 'ordeal', Rahul says 'PM compromised'
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    Perfios Launches 'KScan AI': Empowers BFSI with AI-powered Business Intelligence and Risk Assessment of 30 Million Indian MSMEs
    Indian goods face only 10 pc reciprocal levy in US after court ruling, new order: Exporters
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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.
February 21, 2026
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Policy repo rate unchanged; MPC retains neutral stance as inflation stays benign while growth outlook strengthens.
Under Section 45ZL the MPC's minutes record a unanimous decision to keep the policy repo rate unchanged and to retain the neutral stance after reviewing staff projections, surveys and alternative risk scenarios. The committee judged growth prospects to have strengthened while headline inflation remains benign though modestly revised upward for near quarters due mainly to precious metals; risks to the outlook are broadly balanced and policy will be guided by incoming data and the progress of transmission.
February 21, 2026
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Constitutional limits on presidential tariff power overturned global tariffs, reshaping the interim India-US trade deal consequences.
The US Supreme Court invalidated the President's global tariffs imposed under emergency powers, finding tariff authority lies with Congress; the decision undercuts executive unilateral tariff measures. The India-US interim agreement saw an Executive Order lifting prior punitive tariffs in return for India's energy purchasing commitments, and a reduced reciprocal tariff rate was agreed. Indian political opposition alleges the deal's timing reflected executive haste that risked sovereign bargaining leverage and domestic agricultural interests.
February 21, 2026
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Presidential tariff authority curtailed; temporary global import duty imposed to rebalance trade while India trade framework remains intact.
The Supreme Court held that the President exceeded authority in imposing sweeping tariffs; in response the President signed a Proclamation imposing a temporary import duty to address international payments problems and rebalance trade relationships, effective on a specified date for a limited period. The President stated that an interim trade framework with India remains in place, removing certain punitive tariffs on India under an Executive Order while asserting India will assume tariff obligations under the bilateral arrangement.
February 21, 2026
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Emergency powers tariffs invalidation prompts presidential denunciation of justices and raises separation of powers and institutional independence debate.
Six justices invalidated presidential global tariffs imposed under an asserted emergency powers statute, framing the central legal question as the permissible scope of executive authority to impose trade restrictions without clear congressional authorization, and the litigation tested statutory delegation, administrative action in the trade context, and judicial review of national-security framed economic measures.
February 21, 2026
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Emergency power limits prompt alternative executive tariff action, raising concerns about agriculture costs and trade uncertainty.
The Supreme Court invalidated a presidential tariff framework as an unlawful exercise of emergency power, leading the president to announce use of alternative executive authority to impose a temporary global tariff. Stakeholders warned that further tariff actions or use of other authorities would increase agricultural input costs and create trade uncertainty, while business groups said ties with trade partners remain intact despite the disruption.
February 21, 2026
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Presidential emergency powers curtailed as court invalidates broad tariffs imposed under IEEPA, overturning central global levies.
The Supreme Court found the President exceeded authority under the International Emergency Economic Powers Act by using IEEPA to impose broad tariffs, invalidating core IEEPA-based measures including the Liberation Day global tariff framework and subsequent trafficking and country-specific levies on Canada, Mexico, China, Brazil and India; sectoral and non-IEEPA tariffs remain in place while the executive considers alternative measures.
February 21, 2026
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Executive emergency tariff authority limited, prompting administration to pursue alternative statutory bases for imposing tariffs.
The Supreme Court concluded that the Constitution vests the taxing power in Congress and that the emergency statute invoked by the Executive does not authorize imposition of tariffs as revenue measures, constraining executive emergency tariff authority; the administration plans to rely on alternative statutory bases to replace the invalidated tariffs.
February 21, 2026
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Tariff policy remains central as the India trade arrangement continues despite judicial limits on tariff authority.
President Trump stated the bilateral trade arrangement with India remains in effect after the Supreme Court invalidated his broad tariffs, noting an Executive Order rescinded punitive tariffs on Indian oil imports from Russia and an Interim Agreement framework reduces reciprocal U.S. tariff treatment toward India while maintaining tariffs on Indian imports under the new terms; he framed tariffs as leverage for energy-sourcing commitments and de-escalation between India and Pakistan.
February 21, 2026
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IEEPA authority rejected, limiting tariff powers while administration decries the decision and cites geopolitical effects.
The Supreme Court held that the International Emergency Economic Powers Act does not authorize imposition of duties, constraining executive authority to impose tariffs under national emergencies; the President criticized the ruling and reiterated that tariffs were used as a foreign policy tool to end hostilities between India and Pakistan, a claim denied by India which attributes cessation to direct military talks.
February 21, 2026
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Global tariff authority challenged after court invalidated emergency-use tariffs; president plans executive-order, time-limited alternative.
A judicial body invalidated a broad presidential program of global tariffs as an unlawful exercise of emergency power, eliminating the administration's primary emergency-based mechanism for imposing unilateral worldwide duties. The president announced intent to use an alternative statutory authority via executive order that would impose time-limited tariffs restricted to 150 days, signaling a shift to a different administrative vehicle for trade measures.
February 21, 2026
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Emergency powers invalidation limits executive authority to impose unilateral tariffs, nullifying sweeping reciprocal import duties.
The executive's imposition of sweeping "reciprocal" import duties under a claimed emergency powers statute was found unlawful; the tariffs were invalidated because setting import duties required clear congressional authorization rather than unilateral emergency proclamations, signaling a legal limit on executive authority to alter statutory tariff schemes by emergency declaration.

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India's Spam Shield: The Truecaller Community Blocked Nearly 1,200 Crore Unwanted Calls in 2025

February 11, 2026

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Bangalore, Karnataka, India (NewsVoir) • Truecaller Internal Report highlights large scale prevention of scam attempts, saving consumers both time and money • To access a downloadable version of the full report, please click the following link: www.clr.se/indiainsights2025 Indians received more than 4,000 crore spam calls in 2025, reflecting the growing scale of fraud, disruption, and digital risk in everyday communication. In India, every phone call carries meaning - it can open doors to opportunity, deliver vital information, or even expose individuals to serious risk. As the country accelerates towards becoming a digitally empowered and globally competitive economy under the vision of Viksit Bharat, trust in communication has become a defining pillar of progress. Truecaller’s latest report shows that 1,189 crore of these unwanted calls were blocked before reaching users, helping millions avoid scams, wasted time, and unnecessary stress in an increasingly connected economy. With over 100 crore active phone connections in the country powering commerce, governance, and personal relationships, Truecaller today released its 2025 India Insights Report, offering a data-driven view of how spam and fraud are reshaping the nation’s communication landscape and how technology is helping protect crores of people every day. The report captures how these decisions played out across 2025, revealing both the scale of digital risk and the growing importance of protection. “In a country where connectivity is powering opportunity at every level, trust has become our most valuable digital asset,” said Rishit Jhunjhunwala, CEO, Truecaller. “Fraud today is not just a technical problem, it is a human one. It exploits fear, urgency, and uncertainty in moments that matter most. Our responsibility is to make sure that no Indian has to choose between staying connected and staying safe. Our focus at Truecaller is simple: help people stay connected without compromising their safety and stopping risk before it turns into loss.” The Scale of Communication Risk in 2025 According to the report, Truecaller identified more than 4,168 crore spam calls across India in 2025, reflecting the full extent of disruptive and potentially harmful communication. Of these, 1,189 crore unwanted calls were blocked by Truecaller users. In addition, 770 crore fraudulent calls were detected, many of them impersonating banks, government authorities, payment platforms, and well-known brands. Spam messaging also remained a major concern. During the year, over 12,903 crore spam SMS were identified, with volumes increasing significantly in the second half of 2025. As legitimate alerts and fraudulent messages increasingly share the same digital space, users are being forced to make faster and more complex judgments, raising the cost of even small mistakes. These figures represent more than operational metrics. They reflect billions of moments of potential disruption, confusion, and risk — and billions more where harm was prevented. Protecting Time, Attention, and Confidence Out of the total spam activity identified, community reporting helped prevent 1,189 crore calls from reaching users. Based on an average spam call duration of 1.8 minutes, this translated into Indians avoiding approximately 21.7 lakh hours of wasted time every day, and more than 1.5 crore hours every week. Every single day, the cumulative time that people save thanks to Truecaller, is equivalent to roughly 250 years of human life. Beyond time savings, this protection helps preserve focus, reduce stress, and prevent urgency-driven decisions that often lead to financial loss. Blocking spam is not only about convenience — it is about protecting people’s confidence in their digital interactions. The report highlights several scam tactics expected to become more prominent in 2026, including identity verification scams, impersonation using familiar institutions, multi-step fraud combining messages and calls, AI-generated voice messages, and the migration of scams to third-party messaging platforms. As these threats evolve, trust will depend increasingly on behavioural context, community reporting, and long-term activity patterns rather than isolated signals. Truecaller continues to encourage users to remain cautious, verify urgent requests, avoid sharing sensitive information and rely on trusted identification tools. Notes & Methodology The data in this report was aggregated anonymously from meta data and spam classification signals of Truecaller users in India between January 1 and December 31, 2025. During this period, over 4,168 crore calls and 12,903 crore spam messages were identified. Spam blocking is based on active community reporting by people using Truecaller. Insights reflect observed patterns within the dataset and are intended to provide visibility into national-level trends. They do not represent precise measurements of all spam or fraud activity. About Truecaller Truecaller is an essential part of everyday communication for over 450 million active users worldwide, with more than one billion downloads since launch and 68 billion spam and fraud calls identified in 2025 alone. The company is headquartered in Stockholm and has been publicly listed on Nasdaq Stockholm since October 2021. For more information, visit www.truecaller.com. (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). PTI

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