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    I-T dept detects hidden sales worth Rs 408 crore by restaurants in countrywide operation
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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
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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
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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
Show AI Summary
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
Show AI Summary
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.
March 7, 2026
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Illicit export of controlled drug by mislabelling and forged customs papers exposed, forensic testing confirmed substance.
Three individuals were arrested for exporting etomidate by mislabelling consignments as aloe vera powder and a personal care ingredient, using forged customs documents and air cargo from Mumbai; Raman spectrography confirmed etomidate, the suspects admitted contacts with overseas drug-cartel members, and shipments were bound for jurisdictions where etomidate is treated as a controlled or prohibited substance.
March 7, 2026
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Government emergency power to direct refineries ensures LPG supply while domestic cooking gas prices rise.
Domestic cooking gas prices were raised significantly and commercial LPG rates were increased separately; state differentials reflect local tax incidence. The rise was linked to global energy price spikes and supply disruptions through the Strait of Hormuz. The government invoked emergency powers to direct refineries to boost LPG production and indicated petrol and diesel prices will not be raised immediately because state oil companies can absorb short term cost pressures.
March 7, 2026
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Port facilitation measures urged to permit charge waivers and operational steps to manage disruption from West Asia crisis.
The Ministry's Standard Operating Procedure requires each port to appoint a nodal officer as single point of contact to secure timely action and mandates that ports consider, case by case and depending on circumstances, requests for reduction, waiver or remission of charges including storage rent and change of vessel charge; permit storage of Middle East bound cargo as transshipment cargo; allot additional storage; facilitate ad hoc berthing and expedited return movement of export cargo; prioritise perishable cargo handling; and coordinate with Customs and DGFT for implementation.

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Customs & Trade

rivexa Ignites a New Era of Global Exports

February 19, 2026

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Tiruppur, Tamil Nadu, India – Business Wire India Reinforcing its vision to reshape India’s global trade landscape, rivexa hosted a landmark industry engagement- rivOlution 2026, on 10th February at the Padmashri Dr. A. Sakthivel Auditorium, Tiruppur Exporters’ Association (TEA). The event brought industry leaders together to foster dialogue on global trade, digital export ecosystems, and sustainability-driven growth.

The engagement showcased how rivexa is enabling seamless cross-border trade and expanding global market access for Indian businesses through technology-driven sourcing and financial solutions.

rivexa: Demystifying the World of Exports and Finance The session commenced with Mr. Mainak Sarkar, Marketing Head, rivexa, welcoming the industry leaders and outlining rivexa’s vision for a supplier-centric export ecosystem.

“rivOlution 2026 is not just an event, it is a conversation starter for suppliers to understand the entire ecosystem behind global exports, cross-border finance, and payment solutions. This initiative reflects rivexa’s commitment to supplier centricity, serving as a powerful platform for industry collaboration and business growth. Through rivexa, we aim to enable exporters to access global opportunities efficiently and scale with confidence,” said Mr. Sarkar.

Reinforcing rivexa’s long-term vision, Mr. Soumen Baral, Chief, rivexa, highlighted the platform’s role as a trusted partner in enabling India sourcing for global buyers and providing a transparent export ecosystem for Indian MSMEs.

“rivexa connects every stakeholder in cross-border trade- manufacturers, global buyers, quality partners, logistics service providers, financial partners- serving as a dedicated sourcing partner in India. With 500+ global buyers across categories, we enable seamless sourcing from India with a data-backed manufacturing edge over competing Asian markets. By showcasing the capabilities of manufacturers based in large clusters such as Tiruppur, rivexa builds digital credibility, visibility, and efficiency. We provide dedicated support for both sides of the supply chain- driving sustainable growth through trust, technology, and reliable execution,” said Mr. Baral.

Watch highlights from rivOlution 2026 here: [Video Link] Strengthening Global Trade Ecosystems for Indian Exporters The event featured key representatives from the Tiruppur Exporters’ Association (TEA), who shared forward-looking perspectives on strengthening India’s export ecosystem. Mr. K. M. Subramanian- President, TEA, underscored Tiruppur’s commitment to advancing its position in international trade and reinforcing its leadership as India’s leading knitwear and apparel manufacturing hub. Mr. Anand Muthuswamy- Joint Secretary, TEA, highlighted the need for stronger exporter networks, streamlined trade processes, and deeper international collaboration to drive industry growth. Mr. Periasamy S- Advisor, Sustainability, TEA, emphasized the growing importance of sustainable and responsible manufacturing in enhancing global competitiveness.

The event also featured expert sessions on financial and technological enablers of global trade. Mr. K. Rajaraman, Chairperson, International Financial Services Centres Authority (IFSCA)- GIFT City, Gujarat, shared insights on evolving cross-border finance frameworks supporting secure and efficient international transactions. Mr. Anand Chandramouli, Head of Partnerships, Glomo, highlighted innovations in cross-border payment solutions that enhance trade accessibility for exporters.

Actionable Insights for Responsible Global Trade Discussions with leading Indian exporters generated actionable insights to further strengthen rivexa’s platform capabilities and enhance international trade facilitation, with a strong emphasis on sustainability-led export growth and ESG-aligned compliance benchmarks to build resilient, future-ready supply chains.

Key conversations explored practical approaches to reducing environmental impact across export ecosystems. This included adoption of renewable energy in manufacturing, responsible and ethical sourcing, recycling and circular production models, water conservation, and the implementation of Zero Liquid Discharge (ZLD) systems.

As global markets continue to evolve, rivexa positions itself as a catalyst for advancing India’s export transformation by enabling businesses with an efficient, transparent, and digital pathway to global markets. Through rivOlution 2026, the platform aims to accelerate industry collaboration and innovation while shaping the future of responsible international trade.

About rivexa rivexa is the trusted gateway to global B2B sourcing from India, building a powerful cross-border trade ecosystem that enables Indian MSMEs to scale and compete globally. Launched in October 2023, rivexa delivers a seamless end-to-end procurement experience- supporting supplier discovery, quality assurance and production monitoring. With a growing presence in Europe, Oceania, UAE, UK, and the US, rivexa continues to strengthen India’s position as a reliable sourcing destination. With 1,500+ verified suppliers, 500+ global buyers, and 10,000+ trade enquiries, rivexa is accelerating India’s rise as a global sourcing powerhouse. It supports key sectors such as fashion & home textiles and industrial goods- positioning India as a sourcing hub and shaping the future of international commerce.

About mjunction mjunction services limited is India’s leading B2B e-commerce company, established in 2001 as a joint venture between Tata Steel and Steel Authority of India Limited (SAIL). The company provides technology-driven digital procurement, e-auction, and supply chain solutions. It enables transparent transactions, efficient sourcing, and operational optimization for businesses across industries such as steel, coal, power, and manufacturing. With a strong focus on innovation, compliance, and global market access, mjunction supports both domestic and international trade while helping organizations streamline procurement and enhance supply chain efficiency.

To View The Image, Click On The Link Below: Team rivexa at rivOlution 2026, Tiruppur Dignitaries from Tea Exporters Association at rivOlution 2026, Tiruppur (Disclaimer: The above press release comes to you under an arrangement with Business Wire India and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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