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February 15, 2026
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Agricultural sovereignty under threat from interim trade deal; questions raised over GM imports, market access, and procurement safeguards.
Allegations that the India-US interim trade deal compromises agricultural sovereignty by allowing imports such as DDG from GM corn and GM soy oil, potentially displacing domestic producers and creating dependency. The statement questions vague references to "additional products" and removal of "non trade barriers," warning these could open pulses and other crops to imports and pressure India to relax positions on GM crops, procurement, MSPs and bonuses. It also asserts the deal disadvantages cotton farmers and textile exporters and demands clarity and safeguards on covered products and protections.
February 15, 2026
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Trade agreement protections reassure farmers and dairy sectors amid tariff reductions and EU FTA negotiations.
Government statements assert that recent trade agreements and tariff adjustments include agricultural safeguards and explicit protections for the dairy sector, assuring farmers, cattle rearers and fishermen that their interests are preserved. The summary notes completed negotiations on a proposed free trade agreement with a major trading bloc and a contemporaneous tariff reduction as components of the trade policy framework, amid political dispute over the agreements' implications.
February 14, 2026
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Political hypocrisy over communal representation: attack on a Muslim mayor criticized as incitement and double standards.
Shiv Sena (UBT) calls the BJP's attack on Syed Iqbal's election as Parbhani mayor political hypocrisy and communal bias, asserting Iqbal attained office through loyalty and noting Muslim officeholders within BJP-led bodies to rebut claims that his mayoralty threatens communal balance.
February 14, 2026
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Investor verification promoted through mobile auto-rickshaw campaign to encourage routine SEBI Check before securities-related payments.
SEBI, with NSDL, launched a multi-city auto-rickshaw campaign urging routine Investor Verification via a SEBI Check before securities-related payments, focusing on verification of UPI IDs, bank details and intermediary registration credentials and providing QR access to the SEBI Check portal, SEBI Saathi app and SEBI Investor website for authentication and investor education.
February 14, 2026
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Tariff discrimination threatens cotton farmers and textile exporters by conditioning zero-duty access on importing US cotton.
Allegations concern an interim India-US trade arrangement that gives a third country conditional zero duty access for garments if they import American cotton while Indian exporters face a higher tariff, creating a tariff differential that may pressure Indian textile firms to source foreign cotton, undermine domestic cotton producers, and risk market diversion away from Indian cotton.
February 14, 2026
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Interim trade agreement expands energy coverage to secure competitive crude supplies and reduces tariffs to boost bilateral trade.
An interim trade agreement framework between India and the United States will include India's energy requirements and tariff adjustments to diversify suppliers, enhance supply security and obtain more competitive pricing. The framework contemplates US tariff reductions on specified Indian goods and India cutting or eliminating import duties on US industrial and agricultural products to expand market access, support infrastructure and distribution procurement, secure coking coal supplies for steel expansion, and facilitate growth in the information technology sector through access to advanced equipment.
February 14, 2026
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Trade agreement benefits: tariff reductions and market access touted as boosting textile exports and supporting cotton growers.
The minister defended recent trade engagement as opening market access for Indian textiles, asserting reciprocal tariff reductions under recent agreements will enhance export competitiveness and grant zero-duty access to several markets, thereby benefiting the textile sector and cotton growers; he characterised processing imported material for export as an established global trade practice and said national cotton demand and cultivation capacity will expand.
February 14, 2026
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Labour standards under free trade agreement debated at international moot to build trade law advocacy and capacity.
An international moot organised by CTIL and Bennett University under the WTO Chairs Programme focused on alleged violations of labour standards and occupational safety obligations under a Free Trade Agreement following an industrial accident, with evaluations by legal, academic and policy experts and emphasis on capacity building in international trade law.
February 14, 2026
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Tribunal leadership change: president demits office amid administrative reforms credited with substantially improved case resolution.
Chief Justice (Retd.) Ramalingam Sudhakar demitted office as President of the National Company Law Tribunal after a tenure that advanced administrative and infrastructural reforms; during this period the Tribunal disposed of over 48,000 of approximately 54,800 instituted matters, yielding a reported resolution rate exceeding eighty five percent and reflecting improved case management in corporate and insolvency proceedings.
February 14, 2026
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Input tax credit fraud exposed; director arrested after probe finds bogus suppliers and inadmissible credits used to discharge tax liabilities.
Investigation by the Anti Evasion Branch found that the company availed inadmissible Input Tax Credit on the basis of invoices from bogus or non functional suppliers, and without actual receipt of goods, using those credits to discharge GST liabilities in contravention of the Central Goods and Services Tax Act, 2017; a company director was arrested and remanded while the probe to trace fund flows and other beneficiaries continues.
February 13, 2026
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India-US interim trade deal provoked uproar; Speaker faced removal notice and MPs were suspended during Budget session.
India-US interim trade agreement and the unpublished memoir dispute triggered disruptions in the first leg of the Budget session, leading to eight MPs being suspended, a notice to remove the Speaker and the Speaker's refusal to occupy the chair until that notice is disposed of; the Lok Sabha adopted the Motion of Thanks without the prime minister's reply while the Rajya Sabha completed debate and adopted the Motion amid an opposition walkout, and Parliament passed an amendment to the Industrial Relations Code.
February 13, 2026
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Retail liquor prices to rise as Uttar Pradesh raises licence fees, reforms MRP and launches an excise export policy.
The excise policy raises the minimum guaranteed revenue (MGR)/licence fee for retail liquor shops and bhang shops, adjusts special additional excise duty on IMFL, and reforms MRP by rounding most country liquor and UPML to the next multiple of Rs 10 while introducing a new 100 ml UPML pack; it also creates a standalone excise export policy to promote distilling and logistics investment and requires retail allotments primarily by renewal with district collectors authorised to approve relocations.
February 13, 2026
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Iridium scam network using fake central bank IDs defrauded investors of crores; six arrested, investigation ongoing.
An inter-state fraud operation used a fake commodity investment scheme claiming funds held with the central bank to obtain payments via staged interviews, counterfeit identity cards, biometric collection and forged documents. The facts give rise to allegations of impersonation, forgery, cheating and criminal conspiracy. Law enforcement conducted coordinated arrests across jurisdictions, seized mobile phones and laptops, and is investigating further victims and participants while advising potential victims to file complaints to assist evidence collection and tracing.
February 13, 2026
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Spectrum allocation ruled not an asset and therefore not subject to insolvency proceedings under applicable insolvency rules.
Allocation of electromagnetic spectrum to telecom service providers was held not to constitute an asset capable of being brought into insolvency proceedings, limiting the scope of creditor remedies under the insolvency regime. The NIA was granted an additional 45 days to continue its probe into a blast, and an individual was released on bail in a decades-old criminal case, illustrating ongoing judicial oversight of investigations and pretrial liberty decisions.
February 13, 2026
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Lodha Developers ex-director accused of laundering over Rs 85 crore using front entities, forged MOUs and benami land deals.
Allegations state a former director exceeded limited authority to orchestrate unauthorized transactions that generated, concealed and laundered proceeds of crime exceeding Rs 85 crore by using front entities, benami arrangements, forged MOUs, diversion of company funds through controlled entities, cash withdrawals, undervalued alienation of company land and Transferable Development Rights, and fraudulent allotment of residential units to benefit associates.
February 13, 2026
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Rupee falls to 90.66 as forex reserves decline and a new CPI series is introduced, weighing on markets.
The rupee weakened to 90.66 per US dollar amid a firmer dollar, weak domestic equities, and foreign institutional investor outflows, while RBI data showed a notable weekly decline in forex reserves. Authorities introduced a new Consumer Price Index series with expanded coverage and re-weighted constituents to better inform monetary and fiscal policy.
February 13, 2026
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Supreme Court updates: spectrum ruled non IBC asset; Himachal local polls deadline extended; directions on probes and enforcement.
The Court extended the Himachal Pradesh deadline for local body elections to May 31, required an investigative agency to file a status report on multiple FIRs arising from ethnic violence, ordered a rusticated minor be permitted to sit Class 10 exams with the examination council issuing an admit card, signalled that substantial security may be required in enforcement of a foreign civil judgment if contested, and held that telecom spectrum allocations are not assets subject to proceedings under the Insolvency and Bankruptcy Code.
February 13, 2026
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Spectrum allocated to telecom providers is not an IBC asset; licensing rights do not create proprietary title for insolvency.
Spectrum allocated to telecom service providers is not susceptible to IBC proceedings because the Union retains ownership and the telecommunications statutes and regulatory framework govern administration, use, transfer, and licensing; recognition of spectrum licensing rights as an intangible asset in financial statements does not create proprietary title, and absent transfer of title such licensing rights are not part of the insolvency asset pool.
February 13, 2026
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Priority sector lending potential estimated at Rs 4.88 lakh crore for FY27, with major allocations to agriculture and MSMEs.
NABARD's State Focus Paper projects a priority sector credit potential of Rs 4.88 lakh crore for FY27, allocating Rs 2.24 lakh crore to agriculture and allied activities and Rs 2.27 lakh crore to MSMEs, with block level sub sector estimates to inform the annual credit plan and align financial institutions with development priorities.
February 13, 2026
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Andaman bank fraud: Enforcement Directorate attaches Rs 200 crore in properties under PMLA, linking assets to shell companies.
The Enforcement Directorate, by a provisional order under the Prevention of Money Laundering Act, attached 51 immovable properties worth Rs 200.02 crore allegedly derived from a Rs 500 crore fraud at the Andaman and Nicobar State Cooperative Bank; assets are held in names of accused persons, relatives, associates and controlled firms. The ED alleges use of 23 shell companies, dummy directors and powers of attorney to conceal consideration and that over 100 high-value loans were sanctioned in violation of NABARD, RBI and internal bank directives; a chargesheet against 39 entities was filed in November 2025.

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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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