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February 27, 2026
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Money laundering probe under PMLA progresses as ED seeks statements and attaches assets amid linked bank fraud allegations.
PMLA investigation alleges bank loan fraud by group companies; the ED sought to record the principal individual's statement in a Yes Bank-linked money laundering case but he did not appear and his spouse sought adjournment. The ED has previously questioned the individual, conducted extended interrogation, attached a Mumbai residence under anti-money laundering law, filed multiple money laundering cases against group entities, and formed a Special Investigation Team to probe related instances. A parallel agency registered a fresh criminal case and conducted searches concerning alleged cheating of a public sector bank.
February 27, 2026
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Base-year revision of GDP raises growth estimates and updates methodology using tax and administrative data.
The national accounts have been rebased to 2022-23 and revised by incorporating GST, PFMS and vehicular-registration data to refine GDP measurement. The methodology now uses double deflation for manufacturing and agriculture, more granular deflators elsewhere, and compiles household-sector levels from annual enterprise and labour-force surveys instead of inter-survey proxies, producing revised quarterly and annual real and nominal GDP estimates and altered growth profiles across recent periods.
February 27, 2026
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Foreign exchange reserves dip, driven by declines in currency assets, gold holdings, SDRs and IMF reserve position.
India's foreign exchange reserves fell by USD 2.119 billion for the week ended February 20, lowering total reserves to USD 723.608 billion. The decline was driven by decreases in foreign currency assets (down USD 1.039 billion to USD 572.564 billion), gold reserves (down USD 977 million to USD 127.489 billion), Special Drawing Rights (down USD 84 million to USD 18.84 billion), and the reserve position with the IMF (down USD 18 million to USD 4.716 billion).
February 27, 2026
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Fiscal receipts and expenditure review reports major tax receipts, state tax devolution and primary outlays through January.
Consolidated monthly accounts to January 2026 report Centre receipts at 79.5% of revised estimates-mainly Tax Revenue with Non Tax and Non Debt Capital Receipts-and an increased transfer to States as Devolution of Share of Taxes. Total expenditure is 74.3% of estimates, split between Revenue and Capital Expenditure, with Interest Payments and Major Subsidies forming the principal components of Revenue Expenditure.
February 27, 2026
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DTAA narrowing prompts NRIs to move from traditional offshore structures to IFSCA regulated Gift City USD fund structures.
Tightening of treaty shopping rules under foreign exchange regulation, expanded beneficial ownership disclosure and increased tax authority scrutiny have eroded the cost benefit of Singapore and Mauritius structures, prompting NRIs to consider IFSCA regulated Gift City USD denominated funds. Gift City offers open ended equity funds, Category II AIFs with multi year lock ins and Category III AIFs for active equity strategies; advisers emphasise modelling embedded gains, consulting tax advisors on DTAA applicability, and assessing currency risk, liquidity profiles and the distinction between MOIC and IRR before restructuring.
February 27, 2026
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Pre-trial detention under the PMLA risks indefinite incarceration unless predicate offences and proceeds are judicially established.
The PMLA should not be deployed to permit coercive arrest and prolonged pre-trial detention based on provisional allegations before the foundational facts of the predicate offence and the status of alleged proceeds of crime are judicially established; provisional attachment may be justified to preserve investigation, but arrest and onerous bail conditions must not operate mechanically absent a crystallised, judicially cognisable predicate offence, and statutory powers must be harmonised with constitutional safeguards protecting personal liberty.
February 27, 2026
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Tariff rebalancing: joint statement allows modification of commitments if tariff changes affect the bilateral trade pact.
The joint statement accompanying the interim bilateral trade agreement provides for tariff rebalancing, permitting either party to modify its commitments if the other changes agreed tariff measures, thereby preserving reciprocal balance. This mechanism functions as an operative safeguard to adjust negotiated tariff concessions in response to unilateral tariff actions while the parties finalise the legal text.
February 27, 2026
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Basic salary threshold changes require employers to restructure pay and update payroll systems under new laws.
New labour codes and the Income Tax Act 2025 require employers to reconfigure compensation structures so Basic Pay meets the prescribed threshold, increasing provident fund, social security, gratuity and leave liabilities; update payroll systems and TDS reporting to new rules and forms; effect prompt final wage settlement on separation via automated HRMS workflows; maintain fully digitized statutory records for real time inspections; and extend proportionate statutory benefits to fixed term employees, prompting reassessment of project and seasonal workforce liabilities.
February 26, 2026
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Free trade agreement strengthens market access and builds on earlier economic reforms enabling sustained growth potential.
Economic reforms liberalised foreign exchange, dismantled bureaucratic restrictions and opened the Indian market to foreign investors, stabilising public finances and enabling prolonged economic growth. The recently concluded free trade agreement with the European Union is presented as a further deepening of market integration that builds on those reforms and enhances bilateral market access.
February 26, 2026
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Executive tariff authority struck down; bilateral trade negotiations paused pending legal text to implement tariff reductions.
Presidential tariff authority was found invalid, prompting immediate temporary tariff adjustments and delaying bilateral trade negotiations because the interim framework reducing duties must be converted into a legally binding text before implementation. Chief negotiators' meetings were postponed pending clarity on tariff legality and future orders, and India indicated it will resume talks once tariff treatment is clarified.
February 26, 2026
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Money laundering probe prompts extended questioning and attachment of assets in alleged bank fraud matter.
Allegations of large scale bank fraud and resultant money laundering underpin the probe: extended questioning under the Prevention of Money Laundering Act concerns alleged diversion of funds through foreign subsidiaries and offshore entities tied to a group company. Investigative measures include constitution of a specialized investigation team, attachment of assets under anti money laundering provisions, searches, arrests of former executives, and parallel criminal case registrations alleging bank cheating in separate loan transactions.
February 26, 2026
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Simultaneous insolvency proceedings allowed against principal debtor and guarantor, enabling creditors to pursue parallel recovery routes.
There is no statutory bar under the Insolvency and Bankruptcy Code to initiating concurrent CIRP proceedings against a principal debtor and its corporate guarantor for the same debt; a creditor's right to realize a guarantee must not be frustrated by requiring sequential insolvency processes, the IBC does not exempt guarantors during pendency of another process, and adjudicating authorities must examine such applications independently, consistent with the principle that a surety's liability is co-extensive with the principal debtor.
February 26, 2026
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Prosecution sanction requirement in PMLA cases accelerates trial after agency files requisite approvals before the special court.
Enforcement Directorate placed competent prosecution sanction and an equivalent CrPC sanction order before the Special PMLA Court to remedy procedural defects identified by the Supreme Court and to expedite trial in two money laundering prosecutions arising from the Aircel Maxis and INX Media matters. The agency's action validates earlier ED chargesheets and aims to overcome delays caused by challenges to PMLA sanction requirements.
February 26, 2026
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Free Trade Agreement negotiations between India and Israel progress, covering goods, services, rules of origin, and digital trade.
Negotiations commenced under a signed Terms of Reference to establish a structured framework for an ambitious Free Trade Agreement between India and Israel, with the first round of talks addressing core chapters-trade in goods and services, rules of origin, sanitary and phytosanitary measures, technical barriers, customs procedures, intellectual property rights and digital trade-and agreeing continued virtual engagements and a further in person round in Israel.
February 26, 2026
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Recovery of real estate regulatory dues intensified, with stricter property-tracing and revenue recovery measures to enforce orders.
The government will intensify recovery of unpaid dues under the Real Estate Regulatory framework by directing district collectors to expedite recoveries, identify and attach defaulting developers' properties across districts, and trace assets using land records, stamp and registration data, property tax rolls, company registrations, vehicle registration records and, where necessary, tax authority assistance; recovery will be pursued through statutory revenue-recovery mechanisms and overseen via periodic reviews by senior administrators.
February 26, 2026
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Tribunal accountability undermined as technical members outsource judgments, prompting urgent tenure and vacancy reforms and oversight action.
Tribunal functioning and accountability are the central concerns: tribunals have become a "no-man's land" lacking accountability and producing questionable orders. Structural defects in the appointment and tenure regime allow technical members to assume chairpersonship and, in some instances, outsource drafting of judgments. The court directed the executive to expedite vacancy-filling mechanisms and granted interim tenure extensions for chairpersons while urging reforms to appointment, training, and accountability processes.
February 26, 2026
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Consumer financing enables AC purchases on Easy EMI, improving affordability but requires checking eligibility and costs.
Guidance advises matching AC capacity and inverter technology to room conditions to avoid high bills and uneven cooling, factoring installation and maintenance costs into total ownership, and prioritising warranty, spare parts, and after sales support. Easy EMI financing options with online eligibility checks, Insta EMI card facilitation, zero down payment offers, and variable promotional terms are available, but buyers must verify precise loan limits, service availability, and partner store conditions before purchase.
February 26, 2026
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Bank fraud allegations prompt fresh probe into diversion of loan funds and related money laundering inquiries.
A central investigative agency registered a fresh criminal case alleging that the promoter and his telecom group diverted and misutilised sanctioned loan funds, created fictitious related party transactions, manipulated accounts, and layered funds to conceal true flows, leading to the account's NPA classification; the bank's complaint and forensic findings allege systematic diversion through group entities and liquidation of investments to effect payments inconsistent with sanction terms.
February 26, 2026
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Unsecured personal loans: flexible repayment and competitive rates available, subject to credit score, income, and eligibility.
Bajaj Finance markets unsecured personal loans with competitive, credit based interest pricing, flexible repayment tenures chosen to manage EMI burden, minimal documentation, online application and expedited disbursal. Loan amounts cover a range of consumer needs and eligibility is determined by nationality, age limits, employment status and a minimum credit score, with rates and approval conditioned on income, employment type, credit profile and repayment capacity. The lender is a deposit taking institution registered with the Reserve Bank and classified as an NBFC D and NBFC ICC.
February 26, 2026
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Regulatory approval for stake acquisition with holding cap and time bound conditions, and prior approval required for increases.
RBI approved SBI Mutual Fund's acquisition of up to 9.99 per cent of Bandhan Bank's paid-up share capital or voting rights, subject to compliance with the Banking Regulation Act, 1949, RBI Directions 2025, FEMA, and SEBI regulations. The approval expires if the specified major shareholding is not acquired within one year, the aggregate holding must not exceed the approved cap at any time, and any increase to or beyond 5 per cent after falling below that level requires prior RBI approval.

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Customs & Trade

BJP govt's budget is shaped by public suggestions: Haryana CM Saini

February 17, 2026

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Chandigarh, Feb 17 (PTI) Asserting that the BJP government's budget is the people's budget, which is shaped by public suggestions, Chief Minister Nayab Singh Saini on Tuesday asserted that the upcoming state budget will fulfil the aspirations and expectations of the people.

Referring to Haryana's economic position, he said that according to figures released by the Planning Department on January 29, 2026, the state's Gross Domestic Product (GDP) for 2025-26 (advance estimates) stands at Rs 13,67,769 crore, compared to Rs 12,13,951 crore in 2024-25, reflecting a growth rate of 12.67 per cent.

He added that the state's per capita income for 2024-25 is Rs 3,58,171, significantly higher than the national average of Rs. 2,19,575, placing Haryana among the top five states in the country.

Saini said that the upcoming state budget will provide a strong foundation for the state's development roadmap, welfare priorities, and future planning. The budget session of the Haryana Assembly will begin here on February 20.

The Chief Minister said that on March 17, 2025, he had presented his first budget as Finance Minister in the Vidhan Sabha. He described it as a people's budget shaped by public suggestions rather than merely a government document.

He said that 248 announcements were made in that budget, out of which 77 have already been fully implemented, while work on 165 announcements is in the final stages. Saini said the upcoming Budget for 2026-27 will fulfil the aspirations and expectations of the people.

"We had sought suggestions from people regarding the budget and 12,400 suggestions have been received... Nearly 4,000 to 5,000 suggestions will be incorporated in the budget for 2026-27," he told reporters here.

He said that over the past 10 years, Haryana's per capita income has consistently increased, rising from Rs. 1,47,382 in 2014-15 to the current level, reflecting nearly two-and-a-half-fold growth.

The actual expenditure of all state departments was Rs. 1,75,801 crore in 2024-25, compared to Rs. 61,904 crore in 2014-15. In the current financial year, the actual expenditure till February 16, 2026, stands at Rs. 1,59,747 crore and is expected to reach around Rs. 2 lakh crore by March 31, 2026, which would be nearly 98 per cent of the Budget estimate.

He further said this would be the first time in history that such a high proportion of the Budget is utilised. Responding to opposition criticism, the Chief Minister said actual expenditure on the economy during the BJP government's tenure has been nearly three times that of previous governments.

He added that more than 80 per cent of the allocated expenditure for 2025-26 has already been incurred by around 11 departments, including Police, Transport, Revenue and Medical Education and Research. Around 21 departments have recorded over 70 per cent expenditure and about 18 departments over 60 per cent.

Taking a dig at the opposition, he said those under whose tenure the system was weak are now questioning financial management. He said the fiscal deficit is the best indicator of financial management.

The state's fiscal deficit for 2024-25 stood at 2.83 per cent of GDP, compared to 2.88 per cent in 2014-15, both within the FRBM limit of 3 per cent, indicating improved fiscal discipline..

Saini said that as per the recommendations of the 16th Finance Commission (2026-31), Haryana's share in central taxes has increased from 1.093 per cent to 1.361 per cent, marking an increase of 24.52 per cent over the 15th Finance Commission period.

He said this increased share reflects the state government's strong financial credibility and effective policy framework..

Referring to employment, he cited a NITI Aayog working paper published, stating that while about 90.61 lakh people were employed in government and private sectors in 2004-05, the number declined to 86.93 lakh in 2014-15.

However, by 2023-24, employment had risen to 1.10 crore across sectors. This indicates that while nearly 3.68 lakh people lost employment between 2004 and 2014, about 27 lakh new employment opportunities have been created by 2023-24, he said.

On education, he said the Gross Enrolment Ratio (GER) in higher education has increased from about 27 per cent during 2004-14 to 34 per cent during 2015-25. The number of universities in the state, which was around 45 between 2005 and 2014, has increased significantly with the establishment of 60 new universities between 2015 and 2025.

He questioned critics who claim a decline in education standards, asking whether these figures do not reflect progress in the education sector. He said that according to the white paper issued by the Finance Department, the state's own revenue stood at Rs 25,567 crore in 2013-14. By 2024-25, this had increased to Rs 77,943 crore.

Between 2004 and 2014, MSME activity remained limited, with around 33,000 units registered. However, between 2015 and 2025, more than 20 lakh MSMEs were registered on the Udyam and Udyam Registration portals, bringing a large number of small enterprises into the formal system.

Between April 2024 and March 2025, Haryana's total exports stood at 19.10 billion US dollars, reflecting the state's growing strength in both investment and exports. From 2015 to 2024, Haryana's total exports were USD 132.13 billion, whereas from 2004 to 2014, that is, the previous 10 years, they were only USD 61.60 billion, he said. PTI SUN ANU MR

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