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    Tina Ambani skips ED summons for second time
    J&K records Rs 24,080.79 cr GST collection in three years, gets Rs 15,795.13 cr IGST share: CM
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February 17, 2026
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Money laundering probe: Tina Ambani skips ED summons; investigation targets alleged fraudulent foreign remittance and property sale.
Tina Ambani failed to appear for a second ED summons in a PMLA investigation concerning an alleged money trail tied to a Manhattan condominium purchase; she has been issued a fresh notice and will be questioned with her statement recorded under the Prevention of Money Laundering Act. The ED alleges a fraudulent sale of the New York property during a corporate insolvency process and that sale proceeds were remitted via a sham investment arrangement through a Dubai-based entity without the Resolution Professional's knowledge. The agency has arrested a former executive, formed a Special Investigation Team, attached assets, and filed multiple Enforcement Case Information Reports against group companies.
February 17, 2026
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Goods and Services Tax expansion lifted revenues and IGST settlements, backed by tech-driven compliance and targeted small-taxpayer measures.
GST receipts in the Union Territory rose steadily over three years, with concurrent IGST settlements from the Centre reflecting the destination-based tax design. The unified Goods and Services Tax (GST) regime and technology-enabled compliance (online registration, return filing, refunds, e-way bills) strengthened tax administration and widened the tax base. Administrative measures-Composition Scheme, quarterly returns, QRMP and district Suvidha Kendras-aim to ease compliance for small taxpayers, while sector-specific rate rationalisation and concessional inputs support handicrafts, horticulture and tourism. Remaining issues for small and unorganised producers include compliance burdens and IGST refund delays, which authorities are addressing through simplification and support.
February 17, 2026
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Exports growth drives trade expansion with larger services surplus despite a widening merchandise trade deficit in estimates.
India's combined merchandise and services exports for April-January 2025-26 are estimated at US$ 720.76 billion, up year on year, while combined imports are estimated at US$ 823.41 billion, producing a wider trade deficit; merchandise exports were US$ 366.63 billion and non petroleum exports US$ 320.94 billion, with services exports driving a services surplus of US$ 180.58 billion for the period.
February 17, 2026
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Vote on account authorizes provisional state expenditures to maintain services pending a full election year budget.
An interim state budget was presented seeking a vote on account to authorize provisional expenditures for the initial months of the 2026-27 financial year, enabling continuity of government services pending a full budget. The finance minister framed the vote on account alongside reported strong GDP expansion and rising per capita income to contextualize fiscal planning in the election year.
February 17, 2026
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Fiscal consolidation emphasized as interim budget pledges targeted social and transport allocations while alleging central fiscal bias.
Interim Budget 2026-27 allocates major sums to social security and transport-including a fare free bus travel scheme for women, student bus fares, diesel subsidy, and a Viability Gap Fund-while reporting a large revenue deficit and projecting a Fiscal Deficit targeted to reduce to three percent of GSDP. The estimates set out planned borrowings and repayments as part of debt management. The Minister alleged central actions have intensified Tamil Nadu's fiscal stress, criticised the 16th Finance Commission's recommendations, and urged central approval for pending metro projects.
February 17, 2026
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Tariff reduction and FTA negotiations signal strengthened trade engagement and strategic economic diplomacy to secure market access.
India is intensifying economic engagement to secure market access through negotiated tariff reductions and the conclusion of substantive negotiations on a proposed free trade agreement, while responding to global shifts that include the use of export controls, market leverage and other measures as instruments of state economic policy.
February 16, 2026
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Tariffs on Indian goods and ongoing trade agreement adjustments affect export competitiveness and sectoral trade flows.
India's merchandise exports rose slightly while the trade deficit widened as imports-notably gold and silver-surged; sectoral exports were mixed and services exports increased. The piece stresses the disruptive impact of steep tariffs on labour intensive outbound shipments and notes partial tariff removals with further reductions conditioned on a trade agreement. Industry called for a dedicated MSME export policy and a Special Interest Package Scheme to address borrowing cost inconsistencies and support exporters.
February 16, 2026
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Money laundering inquiry under PMLA prompts summons to Tina Ambani over alleged foreign property transaction and remittance.
Summons under the PMLA require Tina Ambani to appear for questioning and have her statement recorded in a money laundering probe concerning an allegedly fraudulent sale of a foreign condominium during a corporate insolvency resolution process and subsequent remittances routed through a sham investment arrangement; the agency has arrested a former company executive, formed a special investigation team, attached significant assets, and filed multiple ECIRs against group companies.
February 16, 2026
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Sovereignty in trade agreements: interim India US deal alleged to compromise farmers' livelihoods and national energy security.
The interim India-US trade agreement is alleged to compromise national sovereignty by requiring India to open its agricultural market to duty free US products, remove non tariff trade barriers, and make concessions on subsidies and GM crops, thereby threatening farmer livelihoods, biodiversity and seed purity. The deal is also claimed to jeopardise energy security by obliging India to refrain from buying crude oil from Russia and permitting US monitoring and penalty threats, while raising concerns about digital autonomy and data privacy.
February 16, 2026
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Interim trade agreement: reciprocal tariff reductions and mutual duty concessions to be finalised through legal text.
An Indian negotiating team will visit the US to translate a previously announced framework into a signed interim trade agreement legal text. Ongoing virtual talks will be advanced to resolve drafting intricacies; tariff and preferential market access measures agreed in the framework will take effect only after the legal agreement is finalised and signed. The discussions cover reciprocal duty concessions, including a US processing of a reciprocal tariff reduction and the sequencing of implementation tied to signature of the legal pact.
February 16, 2026
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Money laundering allegation against a nationalist organisation denounced as defamatory strategy and political insult to patriots.
VHP condemns a Karnataka minister's claim linking the RSS to money laundering as false, defamatory and a deliberate political strategy to insult patriotic organisations and reduce the speakers' acceptance; it asserts such tactics aim at appeasement and defamation, calls for those who prioritise Hindu interests to hold power for community protection, and warns against exploiting religion for political gain.
February 16, 2026
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Compliance first stablecoin payments enable regulated cross border payouts and corporate cards for emerging market businesses.
Endl secured pre seed funding to scale a compliance focused, stablecoin centred cross border payments platform offering multi currency accounts, regulated stablecoin rails, fiat stablecoin conversions, corporate cards and treasury services, with investments directed toward regional banking integrations, compliance systems and enterprise security to serve businesses in emerging markets.
February 16, 2026
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Money laundering notices issued after chargesheet alleging diversion of foreign loan proceeds into non-oil uses.
A special PMLA proceeding alleges systematic diversion of foreign currency loan facilities sanctioned for Mozambique oil and gas assets; loan proceeds were routed via Videocon Hydrocarbon Holdings Ltd and multiple overseas group companies, layered through a complex web of entities, and remitted back to India for non-sanctioned uses including non-oil business expenses, investments and creation of personal and corporate assets, with the ED quantifying the proceeds of crime and a PMLA court issuing notices to thirteen accused following the chargesheet.
February 16, 2026
Show AI Summary
Interim trade agreement: delegation to finalise legal text ahead of expected signing following framework agreement.
An interim trade agreement framework will be converted into operative legal text through bilateral drafting: an Indian negotiating delegation will travel to the United States to finalise the legal agreement while virtual talks continue, moving from a joint statement of contours to definitive treaty language and preparing the instrument for signature.
February 16, 2026
Show AI Summary
FD-backed secured credit: card links credit limit to fixed deposit, with tiered cashback, fee waivers, and FD access.
Introduction of a fixed deposit-backed secured credit card linking credit limit to 100% of an underlying fixed deposit, permitting FD access via ATM withdrawals subject to a withdrawal fee and an interest free window. The card applies a tiered cashback structure with category and monthly caps, includes joining and annual fees with time limited waivers and conditional reversals tied to annual spends, and provides consumer protections such as insurance, purchase protection, lost card liability cover, and surcharge waivers.
February 16, 2026
Show AI Summary
Deposit-taking NBFC registration enables instant digital personal loans with streamlined KYC, quick disbursal, and flexible repayment options.
Bajaj Finance offers an instant digital personal loan delivered via a personal loan app that uses analytics and electronic verification to provide quick eligibility decisions, minimal documentation, OTP mobile verification, online KYC completion, and rapid electronic disbursal to the customer's registered bank account, with flexible tenures, repayment management tools, and features designed to meet diverse consumer financing needs.
February 16, 2026
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Trade balance worsens as imports outpace exports, prompting elevated trade deficit and revised export projections for the fiscal year.
Merchandise exports rose 0.61% to USD 36.56 billion in January while imports grew 19.2% to USD 71.24 billion, producing a January trade deficit of USD 34.68 billion; April-January exports increased 2.22% to USD 366.63 billion. The Commerce Secretary stated exports in goods and services remain on an upward trend and projected combined fiscal year exports of goods and services are likely to exceed USD 860 billion.
February 16, 2026
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Incentive Scheme for digital payments increased UPI adoption and expanded payment infrastructure, recommending targeted measures for RuPay uptake.
The report assesses the design, implementation and socio-economic effects of the Incentive Scheme for promotion of RuPay debit cards and low-value BHIM-UPI P2M transactions, noting that structured budgetary support reduced cost barriers, accelerated merchant onboarding, expanded acceptance infrastructure and strengthened the payments ecosystem. Based on primary and secondary research, it finds marked increases in UPI adoption, merchant QR deployment and bank participation, increased user confidence and reduced cash reliance, and recommends targeted measures to deepen RuPay usage, rural penetration, connectivity, digital literacy and fraud mitigation.
February 16, 2026
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Market rebound as banking and power stocks lead recovery amid global rate-cut expectations and stable currency support.
Equity benchmarks rebounded nearly one percent led by renewed buying in banking and power stocks, reversing a recent decline as large-cap financials and utilities outperformed. The rally was supported by expectations of sustained power demand, improving loan growth and stable bank asset quality. Macro cues-falling US long-term yields, a stable rupee and steady crude oil-added support, while foreign institutional investors were net sellers and domestic institutional investors were net buyers.
February 16, 2026
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Inflation trends show rising wholesale prices, prompting continued RBI focus on retail inflation for monetary policy.
Wholesale price inflation rose to 1.81% in January due to increases in food articles, non-food articles, textiles and manufacturing subgroups, while fuel and power remained in deflation. Manufactured products and non-food articles recorded higher inflation compared with the prior month. The Reserve Bank of India continues to emphasise retail inflation as the primary indicator for benchmark interest-rate decisions, having reduced policy rates earlier in the fiscal year and subsequently retained key rates.

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Customs & Trade

Trump has other tariff options after Supreme Court strikes down his worldwide import taxes

February 20, 2026

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Washington, Feb 20 (AP) President Donald Trump still has options to keep taxing imports aggressively even after the Supreme Court struck down the tariffs he imposed last year on nearly every country on earth.

The Justices didn't buy the president's sweeping claims of authority to impose tariffs as he sees fit. But Trump can re-use tariff powers he deployed in his first term and can reach for others, including one that dates back to the Great Depression.

“It's hard to see any pathway here where tariffs end,” said Georgetown trade law professor Kathleen Claussen. “I am pretty convinced he could rebuild the tariff landscape he has now using other authorities." Trump had claimed nearly boundless authority to impose tariffs under 1977 International Emergency Economic Powers Act (IEEPA). But opponents argued before the Supreme Court that that power wasn't necessary because Congress delegated tariff power to the White House in several other statutes — though it carefully limited the ways the president could use the authority.

Tariffs have been a cornerstone of Trump's foreign and economic policy in his second term, with double-digit “reciprocal" tariffs imposed on most countries, which he has justified by declaring America's longstanding trade deficits a national emergency.

The average US tariff has gone from 2.5 per cent when Trump returned to the White House in January to nearly 17 per cent a year later, the highest since 1934, according to calculations by Yale University's Budget Lab.

The president acted alone even though the US Constitution specifically gives the power to tax – and impose tariffs – to Congress.

Countering unfair trade practices ----------------------------------- The United States has long had a handy cudgel to wallop countries it accuses of engaging in “unjustifiable," “unreasonable" or “discriminatory" trade practices. That is Section 301 of the Trade Act of 1974.

And Trump has made aggressive use of it himself — especially against China. In his first term, he cited Section 301 to impose sweeping tariffs on Chinese imports in a dispute over the sharp-elbowed tactics that Beijing was using to challenge America's technological dominance. The US is also using 301 powers to counter what it calls unfair Chinese practices in the shipbuilding industry.

There are no limits on the size of Section 301 tariffs. They expire after four years but can be extended.

But the administration's trade representative must conduct an investigation and typically hold a public hearing before imposing 301 tariffs.

Experts have said Section 301 is useful in taking on China. But it has drawbacks when it comes to dealing with the smaller countries that Trump has hammered with reciprocal tariffs.

“Undertaking dozens and dozens of 301 investigations of all of those countries is a laborious process," Veroneau said.

Targeting trade deficits ------------------------- In striking down Trump's reciprocal tariffs in May, the US Court of International Trade ruled that the president couldn't use emergency powers to combat trade deficits.

That is partly because Congress had specifically given the White House limited authority to address the problem in another statute: Section 122, also of the Trade Act of 1974. That allows the president to impose tariffs of up to 15 per cent for up to 150 days in response to unbalanced trade. The administration doesn't even have to conduct an investigation beforehand.

But Section 122 authority has never been used to apply tariffs, and there is some uncertainty about how it would work.

Protecting national security ------------------------------ In both of his terms, Trump has made aggressive use of his power — under Section 232 of Trade Expansion Act of 1962 — to impose tariffs on imports that he deems a threat to national security.

In 2018, he slapped tariffs on foreign steel and aluminum, levies he's expanded since returning to the White House. He also plastered Section 232 tariffs on autos, auto parts, copper, lumber.

In September, the president even levied Section 232 tariffs on kitchen cabinets, bathroom vanities and upholstered furniture.

Section 232 tariffs are not limited by law but do require an investigation by the US Commerce Department. It's the administration itself that does the investigating – also true for Section 301 cases — “so they have a lot of control over the outcome," Veroneau said.

Reviving Depression-era tariffs ---------------------------------- Nearly a century ago, with the US and world economies in collapse, Congress passed the Tariff Act of 1930, imposing hefty taxes on imports. Known as the Smoot-Hawley tariffs (for their congressional sponsors), these levies have been widely condemned by economists and historians for limiting world commerce and making the Great Depression worse. They also got a memorable pop culture shoutout in the 1986 movie “Ferris Bueller's Day Off." Section 338 of the law authorises the president to impose tariffs of up to 50 per cent on imports from countries that have discriminated against US businesses. No investigation is required, and there's no limit on how long the tariffs can stay in place.

Those tariffs have never been imposed — US trade negotiators traditionally have favoured Section 301 sanctions instead — though the United States used the threat of them as a bargaining chip in trade talks in the 1930s.

In September, Treasury Secretary Scott Bessent told Reuters that the administration was considering Section 338 as a Plan B if the Supreme Court ruled against Trump's use of emergency powers tariffs. (AP) RD RD

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