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February 24, 2026
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Tariff cap breach imperils trade agreement ratification as EU seeks clarity on unilateral global import duties.
EU legislators paused ratification of the US EU trade deal after the US announced a unilateral global import tariff under an alternative trade law; the EU says applying that duty on top of existing tariffs would breach the agreed tariff ceiling and demands clarity on how the US will honour the agreement. The measure also raises questions about bilateral deals negotiated with reference to prior tariff threats and is of limited duration unless extended by the legislature.
February 23, 2026
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Emergency powers limits shift trade leverage, constraining executive tariff authority and increasing political pressure ahead of midterms
A national emergency based tariff regime was largely invalidated by the highest court, prompting the executive to propose reliance on a narrower legal authority; coupled with a congressional resolution to end the declared emergency, these developments constrain executive tariff powers and affect trade sectors such as aluminum, steel, autos and lumber.
February 23, 2026
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Misuse of government funds prompts arrests in alleged DMF and overtime payment diversion probes and ongoing money laundering inquiry.
Anil Tuteja and Anwar Dhebar were arrested on allegations of diversion of public funds: Tuteja is accused of facilitating DMF project allotments to known firms in exchange for commissions, establishing prima facie offences of misuse of government funds, criminal conspiracy and corrupt practices, while the ED probes money laundering; Dhebar is accused of receiving commissions from diverted overtime payments billed by agencies for CSMCL workers, causing reported financial loss to the state. Both were remanded to custodial investigation and further probe is underway.
February 23, 2026
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Exchange rate volatility: Rupee edges higher as oil weakness supports the currency while geopolitical tensions cap gains.
Exchange rate movement recorded the rupee appreciating modestly against the US dollar, settling marginally stronger after declines in global crude oil prices and a softer dollar. Market dynamics included importer and foreign portfolio investor dollar purchases on dips, rising domestic debt yields that capped gains, and geopolitical tensions limiting upside. The report also notes that India's foreign exchange reserves rose to a new high, a factor relevant to reserve adequacy and forex market liquidity.
February 23, 2026
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Flexible inflation targeting review may adjust the CPI inflation target after adoption of a new CPI series.
The RBI will incorporate the new 2024-base CPI series, which broadens the consumption basket and reduces volatility, into upcoming CPI projections and the April policy estimate; this change occurs alongside the review of the flexible inflation targeting regime and the government's periodic determination of the CPI inflation target, for which the RBI has submitted recommendations after stakeholder consultation.
February 23, 2026
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Banking sector review to explore creation of mega-lenders while no current roadmap for public sector bank mergers.
No roadmap exists for public sector bank mergers; the Budget proposes a High-Level Committee on Banking for Viksit Bharat to review the sector and explore creation of mega-lenders while safeguarding financial stability, inclusion and consumer protection. The Budget also proposes restructuring select public sector NBFCs to improve scale and efficiency. The central bank states banks are adequately capitalised to sustain credit growth and notes rising gross FDI alongside moderated net FDI due to repatriations and increased outward investment.
February 23, 2026
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Privacy guidelines extended to advertising data; companies to comply and furnish compliance report following tribunal directions.
Extension of privacy and consent safeguards to advertising-related user data is required, with Meta and WhatsApp indicating they will implement NCLAT directions to apply CCI standards to data collection and sharing for advertising. Stay applications were dismissed without prejudice and a compliance report was ordered. The CCI will examine the companies' affidavit on privacy policy and file a response, while its cross-appeal challenges the tribunal's modification permitting advertising-related data-sharing; a monetary penalty previously imposed by the CCI was retained by the tribunal.
February 23, 2026
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Tariff ruling spurs safe-haven demand, lifting precious metals prices amid renewed trade-policy uncertainty and tariff adjustments.
A US Supreme Court ruling against the contested tariff measure and a subsequent executive increase in the global tariff rate from ten per cent to fifteen per cent intensified trade-policy uncertainty, triggering cross-asset volatility and prompting safe-haven demand that drove silver and gold to multi-week highs in domestic and international markets.
February 23, 2026
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Skill development and sustainability urged to boost competitiveness through technology, design innovation and industry collaboration for graduates.
FDDI's 5th convocation conferred degrees and academic medals across programmes, with the institute stressing its contribution to skill development, research, innovation and industry engagement in the footwear, leather, fashion and retail ecosystem. Speakers urged adoption of technology, sustainability and design innovation to enhance global competitiveness, noted sectoral support for employment and MSME growth, and highlighted Hyderabad campus developments including a Centre of Excellence, modern laboratories and strengthened industry collaborations.
February 23, 2026
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Mis-selling prohibition: banks must stop bundling non-bank products and refund customers with compensation when mis-selling occurs.
Banks must stop mis-selling non-bank financial products and prioritise core banking-mobilising deposits, improving CASA, understanding customers, and lending responsibly. The Finance Minister supported RBI draft guidance that mandates full refunds and compensation for mis-selling and highlighted regulatory gaps between banking and insurance supervisors. The RBI characterised upcoming stricter mis-selling norms as consumer protection measures with effect from the announced implementation timeline.
February 23, 2026
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Workplace certification signals sustained employee trust and cultural investments as bank advances toward universal banking transition.
AU Small Finance Bank's consecutive workplace certification, grounded in employee feedback and an improved Trust Index Score, evidences its focus on employee trust and culture. The recognition reflects targeted investments in leadership, learning and development, inclusion, career mobility and a strengthened digital and IT capability to create future-ready roles, supporting the Bank's strategic progression toward universal banking.
February 23, 2026
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Regulatory clarity for crypto mining: compliance with tax, KYC and disclosure regimes shapes viable mining operations.
India's bitcoin mining market is professionalising as buyers shift to energy efficient ASICs and localised support while infrastructure improvements enable co location and data centre deployments. Electricity availability and sustainability measures (including hybrid renewables and off peak strategies) materially affect operational viability. Mining remains permitted within broader tax, AML, exchange control and emerging disclosure frameworks; operators should observe tax and KYC obligations, transparent accounting, and anticipate formalised reporting or environmental disclosure requirements.
February 23, 2026
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Gold import monitoring: government and RBI flag a recent import spike while keeping external account risks in check.
The government and the Reserve Bank of India are monitoring gold imports after a sudden January surge in value and volume; the RBI is analysing data, attributes part of the rise to global central bank purchases and domestic seasonal demand, and considers the situation not yet alarming while noting the current account remains manageable and external-sector resilience intact.
February 23, 2026
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Taxation of capital gains shifted to the company's residence; dividend rates, PE and information exchange provisions updated.
The Amending Protocol reassigns full taxing rights on capital gains from company share sales to the company's State of residence, removes the MFN clause, replaces a single dividend rate with a split withholding regime based on a ten percent ownership threshold, aligns the Fees for Technical Services definition with an established bilateral model, and expands Permanent Establishment to include Service PE.
February 23, 2026
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Banking and regulatory career preparation integrated into a BBA accelerates readiness for Grade A and Grade B recruitment while studying.
An institution launched an integrated BBA programme that combines an accredited undergraduate degree with concurrent, exam aligned preparation for Grade A and Grade B banking and regulatory recruitment. The modular curriculum covers quantitative aptitude, reasoning, English, finance, economics, current affairs, and interview training, delivered by faculty experienced in elite competitive examinations. The programme emphasises mentorship, mock testing, and time optimisation across three undergraduate years to prepare candidates for public sector regulatory posts and allied private financial sector roles.
February 23, 2026
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Quality-led manufacturing: institutionalise uniform standards and testing to convert market access into sustained export competitiveness.
Policy emphasis focuses on a quality-first agenda anchored in the zero defect, zero effect vision to convert expanded market access into export growth. A five-pillar roadmap mandates standard operating processes with continuous compliance and inspection, skilling and reskilling, gap analysis and global benchmarking, streamlined testing and certification, and shared modern testing infrastructure. Government support will finance testing facilities and assist micro and small enterprises in meeting international conformity requirements. The National Quality Conclave's multi-city, sector-specific consultations will feed into a National Quality Roadmap for Manufacturing to coordinate action across government, regulators and industry.
February 23, 2026
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Mis selling safeguards: banks must stop pushing non bank products and refocus on deposit mobilisation and lending.
The Finance Minister urged banks to stop mis selling non bank financial products and focus on core functions of deposit mobilisation and lending. She identified a regulatory gap between banking and insurance regulators that enabled unnecessary insurance sales. The RBI's draft guidelines require full refunds and compensation for mis sold products, invited public feedback until March 4, and set a proposed implementation date of July 1; the RBI also emphasised deposit and credit growth and its approach to policy rate decisions and liquidity provision.
February 23, 2026
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International drug trafficking leads to seizures and arrests after coordinated police and customs operation
An investigation targeted an international drug trafficking syndicate that used export consignments, logistics firms and courier services to smuggle psychotropic tablets abroad. Police coordination with Customs led to interception of a shipment misdeclared as household goods and, after obtaining police custody remand, a joint raid at a port warehouse recovered and seized a massive quantity of psychotropic tablets, following earlier local seizures and successive arrests that mapped the syndicate's supply chain roles.
February 23, 2026
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Tariff policy struck down spurs market rally while raising questions about future trade renegotiations and investor positioning.
The invalidation of the reciprocal tariff policy prompted investor reassessment of trade risks and the possible scope of renegotiations, boosting domestic equities-notably banks, power, FMCG and consumer discretionary-while IT faced pressure; currency moves, long-term yields, crude prices and a shift in institutional flows (foreign selling, domestic buying) moderated the overall market response.
February 23, 2026
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Currency movement: rupee edged higher as oil and dollar softened, but outflows and geopolitics limited gains.
Rupee appreciation to 90.87 was driven by falling global crude and a weaker dollar but capped by foreign fund outflows and geopolitical concerns; importers and FPIs bought dollars on dips, intraday volatility was influenced by equity and debt yields, and the RBI reported a rise in forex reserves.

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Customs & Trade

Which Trump tariffs did Supreme Court strike down? Here's what to know

February 21, 2026

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New York, Feb 21 (AP) The nation's highest court struck down some of US President Donald Trump's most sweeping tariffs on Friday, in a 6-3 decision that he overstepped his authority when using an emergency powers law to justify new taxes on goods from nearly every country in the world.

Trump has launched a barrage of new tariffs over the last year. Despite Friday's ruling, many sectoral levies remain in place — and the president has already said that he'll turn to other options for more import taxes, including plans to impose a new 10 per cent tariff globally. But the Supreme Court decision upends a core set of tariffs that Trump rolled out using the 1977 International Emergency Economic Powers Act, or IEEPA.

IEEPA authorizes the president to broadly regulate commerce after declaring a national emergency. Over the years, presidents have turned to this law dozens of times, often to place sanctions on other countries. But Trump was the first to use it to implement tariffs.

Here's a look at the now-overturned tariffs Trump imposed using IEEPA — and other levies that still stand today.

Liberation Day' tariffs ----------------------- Trump used IEEPA to slap import taxes on nearly every country in the world last spring. On April 2, which Trump called Liberation Day, he imposed “reciprocal” tariffs of up to 50% on goods from dozens of countries — and a baseline 10 per cent tariff on just about everyone else.

The 10 per cent tax kicked in early April. But the bulk of Liberation Day's higher levies got delayed by several months, and many rates were revised over time (in some cases after new “framework” agreements). Most went into effect Aug. 7.

The national emergency underlying these tariffs, Trump argued at the time, was the long-running gap between what the US sells and what it buys from the rest of the world. Still, goods from countries with which the US runs a trade surplus also faced taxes.

Major trading partners impacted by Liberation Day tariffs include South Korea, Japan and the European Union — which combined export a range of products to the US, like electronics, cars and car parts and pharmaceuticals. Following trade talks, Trump's rates on most goods stood at 15 per cent for the EU, Japan and South Korea ahead of Friday. But just last month, Trump threatened to hike levies on certain South Korean products to 25 per cent — and countries worldwide still face sector-specific, non-IEEPA tariffs.

Trafficking tariffs' on Canada, China and Mexico ------------------------------------------------- At the start of his second term, Trump used IEEPA to impose new tariffs on America's three biggest trading partners: Mexico, Canada and China.

To justify these tariffs, Trump declared a national emergency ostensibly over undocumented immigration and the trafficking of drugs like fentanyl and the chemicals made to use it. The levies were first announced at the start of February 2025, but went into effect over time — and were at times delayed, reduced or heightened through further retaliation.

Ahead of Friday's decision, “trafficking tariffs” on Canadian and Mexican imports were 35 per cent and 25 per cent, respectively, for goods that don't comply with the 2020 United States-Mexico-Canada Agreement. China, meanwhile, faced a 10% fentanyl-related tariff. That's down from 20 per cent imposed by Trump earlier last year. Chinese goods also once saw sky-high levies after Liberation Day, but rates had since come down during trade talks.

Top US imports from China include mobile phones and other electronics, as well as clothing, toys and household appliances. Meanwhile, Canada and Mexico are both major sources of cars and auto parts. Canada is also the US's largest supplier of crude oil. And Mexico is a key exporter of fresh produce, beverages and more.

Tariffs on Brazil over Bolsonaro trial -------------------------------------- Trump also used IEEPA to slap steep import taxes on Brazilian imports over the summer, citing the country's policies and criminal prosecution of former President Jair Bolsonaro.

Brazil already faced Trump's 10 per cent baseline Liberation Day rate. The Bolsonaro-related duties added another 40%, bringing total levies to 50 per cent on many products ahead of Friday.

The U.S. has actually run a consistent trade surplus with Brazil over the years. But top exports from the country include manufactured products, crude oil and agricultural products like soybeans and sugar.

Tariffs on India linked to Russian oil ------------------------------------- India has faced additional IEEPA tariffs, too. After Liberation Day, Trump slapped a 25% levy on Indian imports — and later added another 25 per cent for the country's purchases of Russian oil, while also citing the emergency powers law, bringing the total to 50 per cent.

But earlier this month, the US and India reached a trade framework deal. Trump said Prime Minister Narendra Modi agreed to stop buying Russian oil, and that he planned to lower U.S. tariffs on its ally to 18 per cent. Meanwhile, India said it would “eliminate or reduce tariffs” on all US industrial goods and a range of agricultural products.

India's top exports to the U.S. include pharmaceuticals, precious stones, clothing and textiles. (AP) MNK MNK

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