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March 10, 2026
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Fraudulent Input Tax Credit scheme exposed, director arrested amid allegations of bogus invoices and absence of genuine business activity.
Alleged fraudulent availment of Input Tax Credit through bogus invoices for purported supplies is based on GST return analysis and verification showing the supplier's declared premises lacked accounting records, stock or invoices and no verifiable payment trail exists; the director implicated failed to explain operations or payments and is said to have directly benefited from the non genuine paper transactions created solely to pass and utilise Input Tax Credit.
March 10, 2026
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IBC case resolution: banks urged to collaborate, reduce adjournments, and ensure time bound progression for improved recoveries.
Expediting resolution of large insolvency matters and correcting procedural inefficiencies was the focus of a high-level review. Banks were directed to adopt collaborative resolution strategies for asset value maximisation and improved recoveries, reduce adjournments and delays in filing CIRP applications, and ensure continuous monitoring of high-priority cases to achieve time-bound progression through insolvency processes.
March 10, 2026
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Force majeure declarations amid Iran conflict relieve suppliers of contractual obligations as oil shipments and production face disruption.
Intensifying hostilities involving Iran have disrupted crude oil production and tanker routes, causing widespread export constraints, storage shortages and elevated market volatility. Attacks on energy infrastructure and near-halt of tanker traffic through the Strait of Hormuz have led producers to cut output and declare force majeure, excusing contractual performance. Policymakers and market actors are considering coordinated responses-such as releasing strategic reserves or stockpiling-while alternative sourcing and technical restoration of production remain critical to stabilising supply.
March 9, 2026
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Under-reporting of sales detected - data-driven inquiry prompts compliance notices for restaurants to update tax filings.
A data-driven exercise found under-reporting of sales in the restaurant sector through AI analytics comparing transactional data with reported turnover, revealing deletion and modification of bills and omission of transactions. The tax authority has opened investigations and, under the NUDGE campaign, is directing identified outlets to update their income tax returns by a compliance deadline while probes into billing-software manipulation and sampled premises continue.
March 9, 2026
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Force majeure declarations disrupt oil and gas contractual supply chains, creating carriage, insurance and performance risks for parties.
Strikes and security-driven closures have caused shutdowns at major oil and gas terminals, pipelines and refineries, leading suppliers to invoke force majeure and creating contractual, insurance and logistical challenges. The effective closure of a maritime chokepoint and targeted attacks on alternative export terminals have increased carriage and routing risks, while storage constraints have forced producers to suspend output; once shut in, restart may take weeks or months, affecting mitigation, notice and performance obligations. State regulatory orders may create legal bases for interruption separate from force majeure.
March 9, 2026
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Force majeure invoked for oil shipments, suspending contractual delivery obligations amid Gulf supply disruptions and transit risks.
Military attacks and leadership developments in Iran have impaired Gulf oil and gas production and shipping, prompting a national oil company to invoke force majeure to suspend contractual shipment obligations due to extraordinary damage and security risks; resulting export curtailments, tanker transit disruptions through the Strait of Hormuz, and filled storage have reduced available supply, while governments consider reserve releases and impose regulatory measures against hoarding to stabilize markets and protect energy security.
March 9, 2026
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Fuel price freeze maintained as government directs companies to absorb costs and boosts LPG allocation to prevent shortages.
Government sources say retail petrol and diesel prices will not be raised immediately; oil marketing companies are expected to absorb current cost pressures. The state reports adequate crude and fuel stocks for six to eight weeks, has increased the minimum domestic LPG refill booking gap from 21 to 25 days to prevent hoarding, and has directed refineries to maximise LPG production while monitoring global energy developments and recalibrating allocations to maintain supply chain stability.
March 9, 2026
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Cognisance under PMLA: challenge to requirement of FIR for scheduled offences may determine prosecutorial scope.
The ED challenges a trial court ruling that refused cognisance of its PMLA prosecution because the alleged scheduled offence arose from a private complaint rather than an FIR, arguing that denying prosecution on that basis improperly shields alleged money launderers; the Delhi High Court has listed the ED's appeal for hearing and notices were issued to the accused and related entities concerning alleged usurpation of Associated Journals Limited's assets by Young Indian.
March 9, 2026
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Consumer financing: pre approved EMI and Easy EMI Loan options enable instant in store purchases of eco friendly refrigerators.
Bajaj Finserv's Summer Sale provides pre approved consumer financing and Easy EMI Loan options enabling instant, in store purchase of eco friendly refrigerators with flexible tenors, conditional zero down payment, and partner store availability; promotional prices, EMIs and offers vary by model, store and location. Bajaj Finance Limited is disclosed as an RBI registered deposit taking NBFC classified as an NBFC Investment and Credit Company, with cited credit and deposit ratings and a disclaimer limiting the news agency's editorial responsibility.
March 9, 2026
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Force majeure declarations amid Middle East conflict trigger supply disruptions and spur talks of releasing strategic oil reserves.
Attacks on production and shipping linked to the Iran conflict have reduced exports and prompted a national oil company to declare force majeure, relieving contractual obligations during extraordinary disruption. Some producers have cut output as storage fills, while major consuming states are considering coordinated releases of strategic petroleum reserves and domestic measures to prevent hoarding and price collusion to stabilize markets.
March 9, 2026
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Limiting customer liability in digital transactions expanded to cover more fraud and introduce a temporary compensation mechanism.
RBI has published draft Amendment Directions to broaden the scope of limits on customer liability in digital transactions to include additional fraudulent electronic banking transactions, mandate faster bank processing of fraud complaints, and establish a temporary compensation mechanism for small-value frauds subject to a one-year review aimed at shifting more compensation responsibility to banks.
March 9, 2026
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Provincial development priorities: prioritize industry technology integration and service sector modernization under the new five year plan.
Guangdong sets strategic provincial development priorities for the 15th Five-Year Plan, prioritizing industry technology integration and the cultivation of large-scale industrial clusters in fields such as 6G, embodied artificial intelligence, and quantum technology. Simultaneously, the province will accelerate high-quality service sector development through six strategic dimensions-integration, high-end advancement, digital intelligence, green development, internationalization, and diversification-by expanding investment, building world-class industrial parks, and creating diverse platforms while inviting external participants and talent to engage in provincial opportunities.
March 9, 2026
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Wealth management platform expansion strengthens bank's direct advisory franchise while maintaining strategic collaboration with existing partner.
Federal Bank launched Fed Wealth and a Wealth Hub to develop an in house wealth franchise offering fixed income, equities, mutual funds, alternatives and GIFT City solutions, and will establish specialised Wealth Hubs for private advisory and virtual consultations. The Bank restructured its arrangement with Equirus Capital to align product and service architecture for affluent and UHNI clients while ensuring uninterrupted service for existing Equirus customers, retaining a minority stake in Equirus and continuing targeted collaboration to offer select Equirus products to UHNI clients.
March 9, 2026
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Oil supply disruption drives crude price surge and market volatility amid Middle East conflict, threatening shipping and energy inflation.
Crude oil prices surged as the Iran war damaged energy infrastructure and disrupted shipping through the Strait of Hormuz, constraining exports and prompting production cuts by regional producers. Attacks on depots and transfer terminals, reduced tanker traffic, and filling storage tanks tightened physical supply, fueling market volatility, higher fuel and natural gas prices, and inflationary pressures. Discussions of strategic petroleum reserve releases and official assurances were cited as potential mitigating measures against persistent disruptions.
March 9, 2026
Show AI Summary
Oil supply disruption drives crude prices up, threatening global inflation and straining markets and fuel costs.
Crude oil prices surged after the Iran war disrupted production and maritime transit through the Strait of Hormuz, impeding tanker movement and prompting output cuts by producers as storage tanks filled. Attacks on oil and gas facilities and depots further reduced exports, transmitting supply shocks into elevated crude and natural gas prices, higher retail fuel costs, intensified market volatility, and upward pressure on inflation, with major buyers potentially seeking alternative suppliers.
March 9, 2026
Show AI Summary
Export Obligation extension grants automatic relief for advance and EPCG authorisations, no application or fee required.
Automatic extension of the Export Obligation (EO) period is provided for specified Advance Authorisations and EPCG Authorisations, without requiring separate applications or payment of composition fees, operating alongside existing Foreign Trade Policy and Handbook of Procedures provisions; DGFT regional authorities will verify EO compliance at the time of issuance of Export Obligation Discharge Certificates, closure, or regularisation, and Customs have been informed to permit exports consistent with the revised EO timeline.
March 9, 2026
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Technological self-sufficiency drives China's industrial policy, prompting state-led subsidies and supply-chain strategies to counter foreign tech restrictions.
China's 2026 and five-year plans combine near-term focus on expanding domestic demand with a strategic push for technological self-sufficiency. The state will deploy industrial policy and sizeable subsidies to accelerate breakthroughs in AI, semiconductors, batteries, biotech, 6G, electric vehicles and commercial aviation, seeking supply-chain resilience in response to foreign technology restrictions, while acknowledging risks of manufacturing oversupply and international trade tensions.
March 9, 2026
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Energy supply disruption raises oil prices and fuels market volatility with implications for fuel costs and economic risk.
Oil prices rose above one hundred dollars per barrel after conflict involving Iran disrupted production and shipping through the Persian Gulf, reducing tanker transits via the Strait of Hormuz, prompting production cuts and storage fill-ups among regional producers, and following attacks on oil and gas facilities that tightened global crude availability and heightened market volatility.
March 8, 2026
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Sanctions waiver allows delivery of Russian-origin crude already loaded, enabling refiners to secure alternate supplies amid shipping disruptions.
A temporary sanctions waiver permitting sale and delivery of Russian-origin crude loaded prior to the cutoff enables Indian refiners to accept in transit Russian cargoes without breaching sanctions; refiners are also sourcing additional supplies from non-conflict regions, maintaining processing rates and using onshore and strategic reserves to preserve inventory coverage while facing higher freight, insurance and commodity price risks.
March 7, 2026
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Trade preference: India secured preferential market access under a bilateral framework with the US, affecting tariffs and procurement.
A bilateral trade framework with the US sets reciprocal tariff adjustments and market-access commitments, with India agreeing to reduce or eliminate tariffs on a broad set of US industrial and agricultural products and declaring procurement commitments for US goods; final legalisation is pending after changes in US tariff policy and postponement of negotiators' talks.

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Customs & Trade

PM Modi 'surrendered' before Trump; farmers' interests, energy security sacrificed: Cong

February 16, 2026

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New Delhi, Feb 16 (PTI) The Congress on Monday alleged that Prime Minister Narendra Modi has "surrendered" before US President Donald Trump in agreeing to the India-US interim trade deal, which, it claimed, will "devastate" the livelihoods of crores of farmers across states and sacrifice India’s energy security, digital sovereignty and economic self-reliance.

Slamming the Centre, Congress general secretary Randeep Surjewala said trade agreements should not become a path to slavery by "sacrificing a country's sovereignty", and asserted that national interest cannot be mortgaged under the guise of a trade pact.

He also demanded answers from the prime minister on this.

Terming the Indo-US interim trade deal a "one-sided and unequal agreement", Surjewala said such deals must be based on parity and mutual public interest, and not become instruments that compromise the sovereignty or livelihoods of millions.

He also claimed that 1.44 billion Indians would not accept any arrangement that weakens the country’s self-reliance.

"Trade agreements are the path to economic progress. The very foundation of trade agreements is mutual public interest on equal terms. Trade agreements should not be a path to slavery by sacrificing a country's sovereignty. National and public interests cannot be sacrificed under the guise of trade deals," Surjewala said at a press conference.

Tagging Surjewala's statement, Congress general secretary in-charge communications, Jairam Ramesh, said the former explained how this trade deal will "devastate" the livelihoods of millions of farmers across states.

"The prime minister has completely surrendered before President Trump - just as he did on May 10, 2025, when he abruptly and unexpectedly halted Operation Sindoor," Ramesh said on X.

Surjewala alleged at the presser that through the US-India trade agreement, the Modi government has sacrificed the interests of India's farmers and farms.

"India's energy security was openly compromised. Serious questions have been raised about India's digital autonomy and data privacy. Instead of standing firmly in defence of India’s interests, a helpless government compromised India's sovereignty and self-reliance,” he claimed.

People are asking whether it is a "mazboot sarkaar" (strong government) or "majboor sarkaar" (compelled government), an "Aatmanirbhar Bharat" or "America-nirbhar Bharat", he claimed.

Surjewala also said that importing American agricultural and food products into India's agricultural market is a "direct attack" on farmers' livelihoods.

"In the very first point of the February 6 Framework Agreement of the US-India trade deal, India agreed that it would open its market to US agricultural and food products without any import duty," he said.

The proposed import of products such as Dried Distillers’ Grain (DDG) or processed maize, sorghum, soybean oil and cotton would adversely impact the domestic producers and have a direct effect on the country’s biodiversity and seed purity, the Congress leader said.

Noting that India produces about 43 million metric tonnes of maize annually, compared to the United States’ 425 million metric tonnes, he asked how Indian farmers would compete if duty-free imports were allowed.

“Has the Modi government opened the doors for GM Crops in India through the back door,” he asked.

Surjewala also said that Bangladesh, which currently buys 50 per cent of its cotton from India, will now stop those imports and source it from the US, calling it a “double whammy” for Indian cotton farmers.

Point 5 of the trade agreement clearly states that, considering America's concerns, India will remove its non-tariff trade barriers, he said.

"America gives its farmers an annual subsidy of about Rs 1.45 lakh crore. In contrast, in India, a subsidy of Rs 6,000 is given per farmer family, but Rs 25,000 is taken back through expensive diesel, fertilisers, electricity, and pesticides.

"Despite this, Narendra Modi made an agreement with America that we will reduce farmers' subsidies and approve GM crops," Surjewala claimed.

The Modi government has put India’s interests at stake in the trade deal with America, he alleged.

Three issues are most critical in this (deal) – agriculture, energy security and trade terms, he said.

Surjewala also alleged that the deal essentially amounted to "playing with India's energy security".

"On February 6, US President Trump wrote in the penalty tariff order: India has promised the United States that it will not buy crude oil from Russia. Trump also wrote: The United States will monitor whether India buys crude oil from Russia, directly or indirectly.

"If this happens, the penalty will be reimposed. In the fact-sheet issued by the US president on February 9, the statement that India has promised not to buy crude oil from Russia was repeated," Surjewala said.

Between February 2022 and January 2026, India imported crude oil worth Rs 15.24 lakh crore from Russia and saved approximately Rs 1.81 lakh crore due to lower prices, he claimed.

"Now, on Trump's insistence, the Modi government will buy crude oil from the US and Venezuela, but the rates will not be cheap. In such a situation, my direct question is – isn't this playing with India's self-reliance?” Surjewala asked.

He said the main question is whether the trade agreement is based on equality or coercion.

"So, why is the Modi government agreeing to it? The country demands answers," Surjewala said. PTI ASK/SKC ARI

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