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    Anil Ambani appears before ED in money laundering case
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February 26, 2026
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Money laundering probe prompts PMLA questioning and property attachment as part of consolidated bank fraud investigations.
Enforcement Directorate officials recorded a statement under the Prevention of Money Laundering Act from a corporate promoter as part of ongoing probes into alleged bank loan fraud by a group company; the ED formed a Special Investigation Team to consolidate multiple fraud allegations and has used attachment powers and filed multiple money laundering cases against the group to investigate linked financial irregularities.
February 25, 2026
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Spectrum auction policy: regulator recommends full-band auction with a uniform spectrum cap and lower entry thresholds.
Trai recommends auctioning the entire 11,790 MHz available across nine frequency bands under specified modalities including reserve price, band plan, block size and bid conditions; the portfolio is valued at about Rs 2.1 lakh crore at reserve price and base prices are generally lower than 2022. Trai also proposes a uniform 35 per cent spectrum cap, reduced net worth entry criteria to encourage new entrants, and immediate reclamation of spectrum held by providers undergoing insolvency for inclusion in the upcoming auction.
February 25, 2026
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Maritime infrastructure expansion urged to drive regional growth and port led industrialisation, enhancing multimodal logistics competitiveness.
India's sustained sequential growth with macroeconomic stability depends on removing systemic inefficiencies rather than demand management; reforms like the Insolvency and Bankruptcy Code and infrastructure upgrades have cleaned bad assets. West Bengal should reposition as a maritime state by considering a large port and pursuing port led industrialisation, shipbuilding promotion and multimodal integration of road, rail, ports and air cargo to unlock regional economic opportunities.
February 25, 2026
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Insurance affordability: rein in acquisition and management costs to expand coverage, curb mis-selling and boost product access through design.
High distribution and administrative expenses sustain a low-penetration, high-cost insurance model; insurers must reduce customer acquisition costs and expenses of management, reassess product and channel value, and adopt digital distribution and customer-centric design to improve affordability and margins. The regulator expanded the Use and File procedure to enable quicker product launches within regulatory norms. Mis-selling undermines trust and must be prevented by correct sales practices. Universal, meaningful coverage by 2047 is framed as the penetration objective, founded on affordability, accessibility and awareness.
February 25, 2026
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Money laundering asset attachment under PMLA leads to provisional seizure of land tied to alleged fraudulent land transfers.
Provisional attachment under the Prevention of Money Laundering Act was ordered against land held by associate companies and nominees of a real estate firm amid allegations that those entities served as land holding vehicles while funding, control and beneficial ownership vested with the company; the probe alleges irregular collaboration agreements and GPAs, weakened landowner bargaining after acquisition notifications, transfers to private colonizers at depressed rates, wrongful gains to the company and detriment to landholders.
February 25, 2026
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PMLA attachment of a residential asset restricts transfer during investigation, pending adjudicating authority confirmation and possible confiscation.
A provisional attachment under the Prevention of Money Laundering Act has been issued against the Reliance Group residential property 'Abode' to prevent its transfer during an investigation into alleged bank loan fraud linked to Reliance Communications; the agency alleges the property was aggregated into a private family trust to disguise involvement and shield assets from liabilities arising from personal guarantees, and the attachment remains subject to confirmation by the PMLA Adjudicating Authority within 180 days, after which confiscation and vacation orders may follow.
February 25, 2026
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Revenue Intelligence and Economic Offences Directorate expands remit to investigate economic crimes and tax evasion.
The government replaces the State Revenue Intelligence Directorate with a Revenue Intelligence and Economic Offences Directorate empowered to investigate real estate fraud, banking and insurance financial crimes, NBFC and securities offences, multi-level marketing scams, fake insolvency cases, fraudulent recruitment and admission documents, illegal encroachments, stamp and registration irregularities, shell companies and cooperative scams, and to integrate inputs from tax and other revenue departments to check revenue leakages and curb tax evasion.
February 25, 2026
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Asset attachment under PMLA targets luxury property amid alleged bank fraud; further questioning scheduled by investigators.
A provisional order under the Prevention of Money Laundering Act attaches the Mumbai residence 'Abode', a multi storeyed luxury house valued at Rs 3,716.83 crore, in a probe connected to an alleged bank fraud by Reliance Communications; the cumulative attached value in the investigation is about Rs 15,700 crore.
February 25, 2026
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Judicial integrity concerns prompt objection to textbook chapter, with related Supreme Court guidance on public discourse and a trial stay.
The Chief Justice objected to an NCERT Class 8 chapter on judicial corruption, leading to its removal and highlighting protection of judicial integrity. The Supreme Court emphasised that high constitutional office holders must not target communities and stayed trial proceedings by the Enforcement Directorate against a state chief minister. Separately, the US initiated a preliminary countervailing duty on certain Indian solar imports and the UK introduced mandatory electronic travel authorisations and eVisas, reflecting trade remedy and migration procedural changes.
February 25, 2026
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Two-child disqualification removed for local body elections, while discriminatory disease-based bar deleted and a new economic offences directorate established.
The cabinet introduced amendment bills to remove the statutory bar on persons with more than two children contesting local body elections and approved deleting "leprosy" as a disqualifying disease in municipal election law, while replacing the State Revenue Intelligence Directorate with a Revenue Intelligence and Economic Offences Directorate to investigate and prevent financial crimes, real estate fraud, shell companies, forged documents, illegal encroachments and revenue leakages, and coordinating inputs from tax and sectoral departments.
February 25, 2026
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Countervailing duty on Indian solar imports shocks markets; solar stocks plunge while benchmarks remain volatile.
A US preliminary countervailing duty of about 126 percent was imposed on certain Indian solar imports following allegations of unfair manufacturing subsidies; the announcement triggered a sharp sell-off in solar-sector equities and contributed to volatile trading in broader benchmarks, with analysts and flow data citing trade uncertainty, net foreign outflows, and cautious investor positioning as proximate market drivers.
February 25, 2026
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Indo-US trade deal risks farmers as unilateral US tariff actions leave exports vulnerable; India urged to suspend the agreement.
The Indo-US interim trade deal is criticised as one-sided because US imposition of a high duty on Indian solar module imports shows Indian exports are subject to unilateral executive tariff measures, leaving exporters vulnerable; opposition leaders urge India to put the agreement on hold to protect farmers and reassess safeguards for exporters in light of a judicial finding that such presidential tariffs exceeded lawful authority.
February 25, 2026
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Integrated multimodal infrastructure: four projects evaluated to strengthen connectivity, capacity and last mile linkages under national planning.
The Network Planning Group evaluated four projects for conformity with PM GatiShakti principles of integrated multimodal infrastructure, last mile connectivity and a Whole of Government approach. Two third line railway projects (Jalandhar Cantt-Jammu Tawi and Manikpur-Itarsi) aim to augment rail capacity, resilience and operational throughput on strategic corridors. A Greenfield airport at Doloo, Silchar is proposed to relieve airport capacity constraints and stimulate regional socio economic growth. A Surat Metro extension is proposed as a dedicated feeder link to the Mumbai-Ahmedabad HSR corridor to enable seamless last mile and modal integration.
February 25, 2026
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Smartphone exports become top export category as manufacturing scale and premium device production boost overseas shipments.
Smartphone exports have become the country's leading export category, propelled by expanded domestic production and the manufacture of premium devices for high-value overseas markets. The growth in export value is linked to large-scale, export-oriented manufacturing and is expected to be reinforced by the commencement of new semiconductor production capacity, with market observers noting premium-brand assembly and diversified export destinations as key drivers.
February 25, 2026
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Payment assurance: Bank honoured government principal and interest despite an ongoing fraud investigation and reconciliation caveats.
A branch-level fraud involving forged instruments and payment instructions affecting Government of Haryana departments is under investigation, with preliminary findings indicating possible employee collusion with external parties. Despite the ongoing probe, IDFC FIRST Bank has honored 100% of the principal and interest claimed by the affected departments, subject to final reconciliation and any further claims, and states it is cooperating with law enforcement and regulators under the FEMA / RBI framework.
February 25, 2026
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Fair trade: Germany seeks balanced, regulated economic partnership with China and support for diplomatic resolution in Ukraine.
Germany seeks a fair economic playing field with China by demanding reduced barriers to foreign companies, remedies for systemic overcapacity and export or access restrictions that distort competition, and cooperation to uphold supply-chain stability. The visit also urges Chinese diplomatic assistance to help negotiate a comprehensive, lasting peace in the Russia-Ukraine conflict, linking trade concerns to multilateral crisis resolution.
February 25, 2026
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Countervailing duties on Indian solar imports after preliminary subsidy finding; investigations and anti dumping probes continue.
The United States Department of Commerce issued preliminary affirmative determinations imposing a preliminary countervailing duty on certain Indian crystalline silicon photovoltaic cells and related solar goods, while announcing different preliminary duties on comparable imports from Indonesia and Laos. Commerce noted increased imports of the Indian products, is conducting concurrent anti dumping investigations of solar cells from the three countries, and has scheduled a final determination in the countervailing duty investigations to follow the preliminary findings.
February 25, 2026
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Free trade agreement negotiations between India and GCC launched to deepen trade ties, provide business predictability and boost investment.
A Joint Statement and prior Terms of Reference have initiated negotiations for a comprehensive Free Trade Agreement between India and the GCC to establish a predictable, broad-based trading framework. The Statement emphasises objectives of expanding and diversifying bilateral trade and investment, enhancing market access in identified export and import sectors, and leveraging historical ties and diaspora links. It frames the FTA negotiations as a mechanism to unlock trade potential, strengthen economic integration, and provide predictability for businesses, with specific tariff and regulatory commitments to be determined through negotiations.
February 25, 2026
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Free Trade Agreement negotiations aim to deepen trade and regulatory cooperation between India and Israel.
First round negotiations for an India Israel Free Trade Agreement began under a signed Terms of Reference, with technical sessions on trade in goods and services, rules of origin, sanitary and phytosanitary measures, technical barriers to trade, customs procedures and trade facilitation, and intellectual property rights, aiming to provide certainty to businesses, strengthen supply chains and expand bilateral economic cooperation.
February 25, 2026
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Preferential trade access expands through high quality FTAs, enabling broader market access and stronger export competitiveness.
India has expanded preferential trade access through a series of high quality free trade agreements, advancing negotiations with multiple partners including a Gulf Cooperation Council bloc, Israel, Chile and Canada. The government connects FTAs to export growth-citing increased merchandise trade with partners-and is supporting MSME integration via an Export Promotion Mission that improves credit access, reduces costs and assists with compliance. A four point roadmap directs grassroots FTA dissemination, a focus on quality and standards, value chain upgrading, and development of local export ecosystems through industry-MSME partnerships.

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Customs & Trade

India joins US-led 'Pax Silica' alliance to bolster AI and critical minerals supply chains

February 20, 2026

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New Delhi, Feb 20 (PTI) India on Friday joined the US-led strategic alliance called 'Pax Silica' that aims to build a resilient supply chain for critical minerals and artificial intelligence with both sides projecting it as an initiative to cut over-dependence on one country, seen as an oblique apparent reference to China.

US Under Secretary for Economic Affairs Jacob Helberg, welcoming India to the coalition, flagged challenges arising out of "massively over-concentrated" supply chains for critical minerals and "threats of economic coercion and blackmail".

Though Helberg didn't name any country, it was almost clear that his remarks were directed at China's export controls on rare earth minerals and related products.

China has been controlling the flow of rare earth minerals which have a wide range of applications including in electronics, clean energy, aerospace, automotive, and defence sectors.

US Ambassador Sergio Gor, welcoming India to Pax-Silica, said the country brings strength to the coalition.

"Policies that will reinforce US-India tech cooperation will power AI innovation and adoption for years to come. We can share trusted AI technology with the world and especially with partners like India," he said.

"And critically, India brings strength. Peace doesn't come from hoping adversaries will play fair. We all know they won't. Peace comes through strength. India understands this. India understands strong borders," he said.

"India understands this part of the world. That strength, that sovereignty is exactly what Pax-Silica amplifies. Because here's the truth, strength multiplies when it's connected." India signed a pact to formally join the Pax Silica at a ceremony held at the AI Impact summit. It was attended by Union Minister for Electronics and Information Technology Ashwini Vaishnaw, Helberg and Gor.

In his address, Vaishnaw framed the moment as one that transcends a ceremonial signing.

"We are not just holding a summit; we are building the future," he said, emphasising that new foundations and new opportunities are being created for the younger generation.

He underscored India's growing semiconductor capabilities, stating, "Today, India's talented engineers are designing the world's most advanced two-nanometer chips. The semiconductor industry will require around one million new skilled professionals, and this is a very big opportunity for India." New Delhi's decision to join the coalition came amid efforts by both sides to finalise the proposed trade deal and move forward on several other initiatives to solidify bilateral ties after a period of severe strain.

"For too long, we have allowed the foundations of our economic security to drift. We find ourselves grappling with a global supply chain that is massively over-concentrated," Helberg said.

"We watch as our friends and allies face daily threats of economic coercion and blackmail, forced to choose between their sovereignty and their prosperity." Helberg said the US and India are affirming their embrace of a pro-innovation approach to AI and forging a supply chain for a solid foundation for prosperity.

"So today, as we signed the Pax-Silica declaration, we say no to weaponised dependency, and we say no to blackmail. And together, we say that economic security is national security.

"But we must be precise about what that word means. There are some who use the words like global governance and sovereignty in the same breath, just like Orwell used," he said.

The senior Trump administration official added: "We are building a new architecture that diffuses intelligence, placing the awesome power of AI into the palm of our people's hands and unleashing a wave of unprecedented possibility." In his remarks, Gor said Pax-Silica will define the 21st century economic and technological order and said India will play a key role in the new initiative.

"India's entry into Pax-Silica isn't just symbolic. It's strategic. It's essential. India is a nation with deep talent, deep enough to rival challengers," he said.

"India's engineering depth offers critical capabilities for this vital coalition. In addition to talent, India has made important strides towards critical mineral processing capacity, and that's something that we're fully engaged on also," he said.

The US ambassador also spoke about the "limitless potential" for cooperation between India and the US.

"From the trade deal to Pax-Silica to defence cooperation, the potential for our two nations to work together is truly limitless. And I aim to fulfill that over the next three years that I'm here," he said.

Gor also made a mention of the proposed India-US trade pact.

"Earlier this month, we concluded the interim trade agreement, a deal that shapes the economic contours of the Indo-Pacific. We overcame friction points that had held us back for far too long," he said.

"That agreement wasn't just about trade flows or tariff schedules. It was about two great democracies saying we will build together, not just buy from one another. And now today, we take the next step," he said.

The US envoy described Pax-Silica as a "coalition of capabilities" that replaces "coercive dependencies with a positive sum alliance of trusted industrial bases." "We welcome India joining to co-found the future. Pax Silica is about whether free societies and it will control the commanding heights of the global economy," he said.

"It's about whether innovation happens in Bengaluru and Silicon Valley or in surveillance states that use technology to monitor and control their people. We choose freedom. We choose partnership. We choose strength. And today, with India's entry into Pax Silica, we choose to win," he added.

Pax Silica was launched in December to build a secure, resilient, and innovation-driven supply chain for critical minerals and artificial intelligence (AI).

The Pax Silica Summit was held in Washington on December 12 where partner nations signed the Pax Silica declaration.

The declaration lays out a shared vision of deep economic and technology cooperation across supply chains -- from raw materials through semiconductors and AI infrastructure -- and commitment to mutual prosperity and security.

The member nations of the Pax Silica included Australia, Greece, Israel, Japan, Qatar, Republic of Korea, Singapore, the United Arab Emirates and the United Kingdom.

Gor last month announced an invitation to New Delhi to join the strategic alliance.

One of the key pillars of Pax Silica was to establish a durable economic order to drive AI-powered prosperity across partner nations. PTI MPB ZMN

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