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February 23, 2026
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Trade policy uncertainty after external tariff changes prompts review and rescheduling of bilateral negotiators' meeting.
Commerce ministry is reviewing recent foreign tariff changes and their impact on trade negotiations; the Finance Minister said it is too early to comment and that the negotiating delegation must decide timing for further talks. A planned meeting of chief negotiators to finalise an interim trade pact was rescheduled, and the ministry's Joint Secretary, Darpan Jain, is India's chief negotiator. The government affirmed it will continue pursuing bilateral and regional trade agreements to expand market access.
February 23, 2026
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Bank fraud monitoring: RBI says it is overseeing an IDFC First Bank fraud and finds no systemic issue.
Reserve Bank of India is monitoring an alleged fraud at IDFC First Bank and has indicated no systemic issue. IDFC First Bank disclosed the fraud involved certain employees and others at a Chandigarh branch affecting a specific set of Haryana government-linked accounts, and said the misconduct is confined to those government accounts and does not extend to other customers of the branch.
February 23, 2026
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Forensic audit validity confirmed, enabling banks to proceed with fraud account classification after a higher court quashed a prior interim stay.
Division bench overturned a single-judge interim stay that had restrained banks from classifying certain accounts as fraud, finding the stay illegal and perverse. The banks and an audit firm had appealed, asserting the forensic audit was legally valid and disclosed serious fund siphoning and misutilisation; the prior stay rested on challenges to the audit's compliance with RBI guidelines and the auditor's qualifications, which the division bench rejected.
February 23, 2026
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Tariff authority curtailed, prompting mixed market moves and heightened regulatory uncertainty across trade, crypto, and commodities.
The cancellation of broad presidential import levies removed a central trade policy instrument and prompted immediate market adjustments: equity futures fell, Asian indices were mixed, bitcoin dropped sharply, and precious metals rose. The incumbent plans alternative measures, including a global tariff via executive order and Commerce Department investigations, leaving trade policy and market expectations uncertain while growth, inflation, and corporate guidance continue to influence volatility.
February 23, 2026
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Illegality of presidential tariffs undermines executive tariff authority, prompting legal challenges and reshaping trade negotiation dynamics.
The judicial invalidation of the presidential tariff program undercuts executive unilateral tariff authority and invites legal challenges to successor emergency tariff measures, prompting reassessment of trade negotiations and reliance on discretionary tariffs without concrete balance of payments predicates.
February 23, 2026
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Index of Eight Core Industries shows overall growth, with cement and steel leading while oil and gas sectors decline.
The combined Index of Eight Core Industries rose provisionally by 4.0 per cent year on year in January 2026, with Cement, Steel, Electricity, Fertilizers and Coal recording positive monthly growth while Crude Oil and Natural Gas declined and Refinery Products remained unchanged. The cumulative April-January 2025-26 growth is reported as 2.8 per cent (provisional). The release provides industry weights, monthly and annual indices, notes that January data are provisional and December data final, and explains methodological inclusions and revision practice.
February 23, 2026
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Foreign exchange volatility: rupee strengthened after oil-led dollar weakness, while reserve gains and capital flows shape market risk.
The rupee strengthened in early trade due to lower global crude prices and a softer dollar amid tariff-related uncertainty, aided by a strong equity opening; persistent dollar-buying sentiment and foreign institutional outflows could reintroduce selling pressure. The Reserve Bank of India's rise in foreign exchange reserves to a record level is a material macroprudential indicator affecting market liquidity and perceived intervention capacity under FEMA and central bank reserve management frameworks.
February 23, 2026
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Supreme Court rejection of sweeping tariffs reshapes import-tax authority and prompts pursuit of alternative tariff mechanisms.
The Supreme Court struck down the majority of the President's broad import tariffs, prompting varied market reactions as investors repriced winners and losers; the administration announced alternative measures including an executive-order global tariff and use of Commerce Department trade-investigation authorities, preserving the prospect of import taxation while altering statutory mechanism and temporal limits.
February 22, 2026
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Sovereignty concerns over Indo US trade agreement; alleged tariff and procurement conditions threaten national, energy and data autonomy.
Allegations that an interim trade arrangement with the United States compromises national sovereignty and domestic interests by conceding tariff advantages and large import commitments, harming agriculture and industry. The pact is criticized for limiting energy procurement choices and creating dependency by discouraging purchases from alternative suppliers, thereby threatening energy security and raising inflationary pressure. Concerns also focus on obligations affecting data sovereignty, which are said to risk exposing sensitive data to foreign access.
February 22, 2026
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Trade commitments: EU urges US to honour agreed tariff ceiling and warns of anti-coercion countermeasures and uncertainty.
EU urges the United States to adhere to the trans Atlantic trade agreement and not exceed the agreed tariff ceiling, warning that unpredictable tariff changes harm trade stability and supply chains. The EU noted it may pause ratification and could deploy its Anti Coercion Instrument-permitting trade and investment restrictions, exclusions from public tenders, and limits on foreign direct investment-to defend its interests if commitments are not honoured.
February 22, 2026
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EU-India free trade agreement expands trade and AI cooperation and strengthens supply chain resilience pending final ratification.
The EU India Free Trade Agreement substantially liberalises tariffs across the majority of bilateral trade to expand market access, while prioritising cooperation on human centred artificial intelligence and promoting interdependent, resilient supply chains; the agreement is subject to final legal vetting and ratification before implementation.
February 22, 2026
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Digital fraud prevention: protect accounts by not sharing OTP or Aadhaar and using authorised re KYC channels.
Individuals must not share OTP, Aadhaar numbers, or bank account details and should change passwords regularly. KYC and re KYC are security measures that must be undertaken only via bank branches, official apps, or authorised platforms because criminals use fake calls, SMS and links to compromise accounts.
February 22, 2026
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PMLA enforcement targets accelerate investigations and timely prosecution filings, urging probes to finish within a short defined timeframe.
The Enforcement Directorate directed acceleration of PMLA prosecutions by increasing prosecution filings and concluding most investigations within one to two years, except in complex cases. Officers must exercise PMLA powers with caution, ensure legally sustainable attachments and penalties, and issue notices judiciously. Operational priorities include tracing illicit assets abroad, targeting misuse of trade channels and insolvency processes for laundering, prioritising digital arrest and cyber fraud work, checking illegal online gaming and share market manipulation, leveraging MLATs, Interpol and extradition, and completing pending FERA adjudications while addressing manpower, cooperation and valuation challenges.
February 22, 2026
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Trade tariffs altered by recent court ruling disrupt interim trade agreement negotiations and prompt rescheduling of chief negotiators' meeting.
The meeting of chief negotiators was postponed to permit assessment of a court ruling limiting executive tariff authority and subsequent US tariff adjustments, which have introduced uncertainty into agreed concessions under the interim trade framework. The framework must be converted into a legal instrument, but finalisation of the legal text and implementation timelines are deferred pending clarification of how additional US tariff layers will interact with existing Most Favoured Nation duties and the ultimate tariff treatment for the partner country.
February 22, 2026
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Data privacy: Appeals on platform data sharing penalty and consent safeguards to be heard, with government party added.
Appeals challenge a CCI penalty and limits on platform data sharing under privacy and competition law; an appellate tribunal removed a ban on advertising related data sharing but retained the penalty. The dispute centers on consent standards, protection of dependent or unaware users, and whether platform data aggregation creates market dominance. Procedural issues include interim directions, inclusion of the technology ministry as a party, and a cross appeal by the regulator against the tribunal's narrowing of remedies.
February 22, 2026
Show AI Summary
Congressional authority over tariffs affirmed, but executive invoked temporary trade statute to impose new global import tax.
A majority of justices held that the power to levy tariffs is vested in Congress, voiding a major part of the presidential global tariff program; the President then invoked the Trade Act's temporary emergency authority to impose a new short-term global import tax, a provision never previously used this way, raising questions about the statute's reach and prompting political fallout, calls for consumer refunds, and intensified partisan divisions over trade policy.
February 21, 2026
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Tariff authority: President seeks to impose a higher global tariff using alternate legal powers after court rebuke.
The President seeks to impose a higher global tariff relying on alternative executive authority and statutory avenues requiring Commerce Department investigations, while a separate executive order established a temporary import tax limited in duration and contingent on legislative extension; this raises constitutional questions about the allocation of tariff-setting and taxation powers and uncertainty over funds already collected.
February 21, 2026
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Presidential tariff authority raised a temporary global import surcharge, altering trade deal dynamics and exemptions for critical goods.
The executive invoked trade act authority to impose a temporary global import surcharge, increasing a recently announced ad valorem levy and reserving the right to issue further legally permissible tariffs within a 150 day period; the proclamation excludes specified critical minerals, energy products, select agricultural goods, pharmaceuticals, certain electronics, passenger vehicles and aerospace products, and the surcharge is applied in addition to existing Most Favoured Nation import duties, affecting ongoing bilateral trade negotiations.
February 21, 2026
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Criminal breach of trust: bail denied due to complex fund diversion, risk of evidence tampering and undisclosed antecedents.
Refusal of bail rested on prima facie findings that the NBFC owner-director engaged in calculated, layered diversion of investor funds amounting to criminal breach of trust; investigation remained at a nascent stage with a complex money trail requiring forensic analysis and a real risk of evidence tampering, compounded by the applicant's non-disclosure of prior criminal antecedents and insufficient medical justification.
February 21, 2026
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Presidential authority on emergency economic powers challenged; administration announces higher worldwide import levies pending new tariff rules.
President announced an immediate increase in the worldwide import surcharge to a higher legally framed rate and stated the administration will determine new legally permissible tariffs; this follows a Supreme Court decision holding that reliance on IEEPA to impose sweeping duties exceeded presidential authority and has affected bilateral tariff arrangements under an interim trade framework with India.

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The Latest: Trump threatens countries to abide by tariff deals despite Supreme Court decision

February 24, 2026

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Washington, Feb 23 (AP) President Donald Trump on Monday threatened countries around the world to abide by any tariff deals they agreed to despite the US Supreme Court ruling that struck down many of his far-reaching taxes on imports. And he said he wants a global tariff of 15 per cent, up from 10 per cent he had announced immediately after the ruling.

The court's Friday decision struck down tariffs Trump had imposed on nearly every country using an emergency powers law. But the Republican president won't let go of his favorite tool for rewriting the rules of global commerce and applying international pressure.

“Any Country that wants to “play games” with the ridiculous supreme court decision, especially those that have “Ripped Off” the USA. for years, and even decades, will be met with a much higher Tariff, and worse, than that which they just recently agreed to,” Trump posted Monday on Truth Social.

One of Trump's executive orders says he can bypass Congress and impose a 10 per cent tax on imports from around the world starting Tuesday, the same day as his State of the Union speech.

The Latest: Trump is under pressure to deliver on the economy to an increasingly skeptical public ------------------------------------------------------------------ Trump swept back into the White House on promises to bring down prices and restore order to immigration in America. But on both issues, public sentiment has turned against him.

Only 39 per cent of US adults approve of his economic leadership and just 38 per cent support him on immigration, according to the latest Associated Press-NORC Centre for Public Affairs Research survey. Those low numbers show the country is still fretting about the costs of groceries, housing and utilities, a problem compounded by Trump's whipsawing use of tariffs. They also show how the public was disturbed by videos of violent clashes with protesters, including two US citizens killed by federal agents.

Since his party passed a massive tax cut bill last year, Trump has yet to unveil major new economic policy ideas, instead offering reruns about his tax cuts, ideas about reducing mortgage rates and a new government website for buying prescription drugs.

Trump says his State of the Union address will be a long' one ----------------------------------------------------------------- How long is an important question.

As he was wrapping up the White House event recognizing “angel families,” Trump talked about how well the country is performing, in his view, and his administration's work to cut off illegal immigration from Mexico to the US.

“I'm making a speech tomorrow night, and you'll be hearing me say that,” he said. “I mean, it's going to be a long speech because we have so much to talk about.” Last year, the Republican president spoke for a record-setting 100 minutes to a joint session of Congress. Such a speech in a president's first year in office technically is not considered a State of the Union address.

Angel families event wraps up ------------------------------- Trump concluded the event by signing a proclamation designating Feb 22 as “National Angel Family Day.” A candle was lit in memory of victims killed by people in the US illegally, whose names were read aloud. Members of the military then sang “Amazing Grace.” The event featured remarks by family members of the victims who thanked Trump for his work honouring their loved ones and securing the border. Trump acknowledged their suffering and derided the press for its coverage of the issue.

Tariff taxes should be refunded to benefit consumers, Democrats say -------------------------------------------------------------- The bill being introduced by Sens Ron Wyden of Oregon, Ed Markey of Massachusetts and Jeanne Shaheen of New Hampshire would require the Trump administration to refund the taxes, plus interest. It would prioritize small businesses and encourage importers, wholesalers and large companies to pass the refunds on to their customers.

Shaheen said that repairing any of the damage starts with “President Trump refunding the illegally collected tariff taxes that Americans were forced to pay.” The bill is unlikely to become law, but it reveals how Democrats are starting to apply public pressure going into November's midterm elections for control of Congress. Democrats have begun telling the public that Trump illegally raised taxes and now refuses to repay the money back to the American people.

Democrats call for the government to refund billions in Trump tariff money ---------------------------------------------------------------- A trio of Senate Democrats is calling for the government to start refunding roughly USD 175 billion in tariff revenues.

The justices left the refund question unanswered. So what's going to happen to the money the government has already collected in import taxes now declared unlawful? When the smoke clears, trade lawyers say, importers are likely to get money back — eventually. Still, the path to refunds could prove chaotic.

The Democrats' proposed bill would require US Customs and Border Protection to issue refunds over the course of 180 days and pay interest on the refunded amount, prioritizing refunds to small businesses. (AP) RD RD

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