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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.
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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
Show AI Summary
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.
February 21, 2026
Show AI Summary
Judicial review of emergency tariff powers restores congressional tariff authority, affecting recently announced India-US trade concessions.
The US Supreme Court struck down President Trump's global tariffs imposed under emergency powers, finding tariff authority lies with Congress, thereby removing the legal basis for those sweeping reciprocal tariffs. Indian opposition leaders contend that a recently announced India-US trade framework contained concessions extracted while the tariffs were assumed valid, and they seek clarity on whether those commitments-covering tariff eliminations, import targets, energy sourcing, and non tariff barrier commitments-will persist or be revisited following the judgment.
February 20, 2026
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IEEPA authority invalidated - certain IEEPA based tariffs now refundable to importers who directly paid them.
IEEPA based tariffs were deemed impermissible, allowing refunds only to US importers of record or consignees who directly paid tariffs. Eligible tariffs include IEEPA imposed levies commonly termed fentanyl, trafficking, reciprocal or baseline tariffs, including certain tariffs on goods from Brazil and India. Refunds exclude duties imposed under other statutory authorities such as anti dumping, countervailing, trade remedy or national security provisions. The administrative procedure and timing for claims remain uncertain pending further court and executive guidance.
February 20, 2026
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Presidential emergency powers limited: IEEPA cannot be used to impose broad import tariffs, leaving refund questions open.
The Supreme Court concluded that the International Emergency Economic Powers Act does not authorize the president to impose broad import tariffs, stressing that authority to levy taxes and tariffs rests with Congress and that longstanding practice shows such power has not been exercised under IEEPA. The opinion invalidates tariffs enacted under emergency proclamations while leaving untouched tariffs based on other statutory grounds, and it leaves unresolved whether and how refunds should be returned to importers who paid the challenged levies.
February 20, 2026
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Presidential emergency tariff power invalidated, forcing alternative legal routes and prolonging trade and political uncertainty.
The Court held the president lacked authority to declare an economic emergency and impose sweeping import tariffs, removing an executive legal basis for those tariffs and forcing the administration to pursue alternative statutory mechanisms, which will prolong legal and political debate over trade policy.
February 20, 2026
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IEEPA authority curtailed: major emergency based tariffs invalidated, leaving sectoral trade measures and exemptions intact.
The President exceeded statutory authority by invoking IEEPA to impose broad import tariffs, nullifying core emergency based levies. Affected measures include the wide ranging "Liberation Day" tariffs, trafficking justified duties on Canada, Mexico and China, Brazil linked duties, and India related levies tied to Russian oil purchases. The decision removes the IEEPA route for economy wide tariffs but leaves intact sectoral and statute specific tools that continue to impose tariffs on selected industries and products.

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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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