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    Murky outlook for businesses after tariff ruling prompts countermoves by Trump
    Indian-origin lawyer at centre of landmark Supreme Court verdict against Trump
    Supreme Court struck down Trump's tariffs. Now comes hard work of issuing refunds
    Perfios Launches 'KScan AI': Empowers BFSI with AI-powered Business Intelligence and Risk Assessment of 30 Million Indian MSMEs
    Indian goods face only 10 pc reciprocal levy in US after court ruling, new order: Exporters
    Minutes of the Monetary Policy Committee Meeting, February 4 to 6, 2026 [Under Section 45ZL of the Reserve Bank of India Act, 1934]
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February 21, 2026
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Presidential tariff authority limited by court; administration seeks alternative statutory paths to maintain import duties, prolonging business uncertainty.
The Supreme Court ruled the president lacked authority under the emergency-powers framework to impose import tariffs, voiding tariffs imposed on that basis while leaving open the administration's use of other statutory authorities to impose duties; the decision narrows one executive route for tariffs but creates complex refund and recovery issues and leaves many existing tariffs under different authorities intact.
February 21, 2026
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Separation of powers affirmed: Presidential global tariffs invalidated, reaffirming that only Congress may impose taxes.
A Supreme Court decision concluded that broad presidential global tariffs exceeded executive authority by encroaching on Congress's exclusive power over taxation; counsel for small businesses argued the levies operated as taxes imposed without congressional authorization, framing the dispute as a structural separation of powers issue and reaffirming that only Congress can impose taxes.
February 21, 2026
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Invalidation of emergency tariff authority leaves collected import duties subject to refund and protracted litigation.
The Supreme Court held the International Emergency Economic Powers Act did not authorize presidential tariffs, leaving collected import duties unlawful but not prescribing a refund mechanism. Administration of refunds will likely involve the customs agency, specialised trade tribunals and lower courts, utilising or adapting existing duty correction procedures, and is expected to produce prolonged, multi jurisdictional litigation as importers seek recovery while consumers face evidentiary obstacles to claiming pass through losses.
February 21, 2026
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KYC/KYB compliance automation expands: AI platform streamlines MSME due diligence, risk screening and faster onboarding for lenders.
An AI-powered KYC/KYB platform automates entity and individual due diligence and compliance for the BFSI sector, centralising MSME discovery and risk evaluation via a large multi-source data lake. It supports onboarding, underwriting, GTM optimisation and credit decisioning by converting fragmented business information into actionable intelligence. The system enables scaled lead generation, automated due diligence, and extensive sanction and litigation screening to bolster anti-money laundering controls, and provides a Model Context Protocol allowing configurable AI agents and custom model integration to align with institutional policies.
February 21, 2026
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Temporary import surcharge lowers reciprocal US tariff on Indian goods following legal limitation on presidential tariff powers
A presidential proclamation imposes a temporary import surcharge of ten per cent ad valorem, effective February 24, 2026, applied in addition to existing Most Favoured Nation duties; this replaces prior broader reciprocal levies on Indian goods, while higher sectoral tariffs for specified products remain and the surcharge applies only to a portion of exports due to coverage exemptions.
February 21, 2026
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Policy repo rate unchanged; MPC retains neutral stance as inflation stays benign while growth outlook strengthens.
Under Section 45ZL the MPC's minutes record a unanimous decision to keep the policy repo rate unchanged and to retain the neutral stance after reviewing staff projections, surveys and alternative risk scenarios. The committee judged growth prospects to have strengthened while headline inflation remains benign though modestly revised upward for near quarters due mainly to precious metals; risks to the outlook are broadly balanced and policy will be guided by incoming data and the progress of transmission.
February 21, 2026
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Constitutional limits on presidential tariff power overturned global tariffs, reshaping the interim India-US trade deal consequences.
The US Supreme Court invalidated the President's global tariffs imposed under emergency powers, finding tariff authority lies with Congress; the decision undercuts executive unilateral tariff measures. The India-US interim agreement saw an Executive Order lifting prior punitive tariffs in return for India's energy purchasing commitments, and a reduced reciprocal tariff rate was agreed. Indian political opposition alleges the deal's timing reflected executive haste that risked sovereign bargaining leverage and domestic agricultural interests.
February 21, 2026
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Presidential tariff authority curtailed; temporary global import duty imposed to rebalance trade while India trade framework remains intact.
The Supreme Court held that the President exceeded authority in imposing sweeping tariffs; in response the President signed a Proclamation imposing a temporary import duty to address international payments problems and rebalance trade relationships, effective on a specified date for a limited period. The President stated that an interim trade framework with India remains in place, removing certain punitive tariffs on India under an Executive Order while asserting India will assume tariff obligations under the bilateral arrangement.
February 21, 2026
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Emergency powers tariffs invalidation prompts presidential denunciation of justices and raises separation of powers and institutional independence debate.
Six justices invalidated presidential global tariffs imposed under an asserted emergency powers statute, framing the central legal question as the permissible scope of executive authority to impose trade restrictions without clear congressional authorization, and the litigation tested statutory delegation, administrative action in the trade context, and judicial review of national-security framed economic measures.
February 21, 2026
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Emergency power limits prompt alternative executive tariff action, raising concerns about agriculture costs and trade uncertainty.
The Supreme Court invalidated a presidential tariff framework as an unlawful exercise of emergency power, leading the president to announce use of alternative executive authority to impose a temporary global tariff. Stakeholders warned that further tariff actions or use of other authorities would increase agricultural input costs and create trade uncertainty, while business groups said ties with trade partners remain intact despite the disruption.
February 21, 2026
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Presidential emergency powers curtailed as court invalidates broad tariffs imposed under IEEPA, overturning central global levies.
The Supreme Court found the President exceeded authority under the International Emergency Economic Powers Act by using IEEPA to impose broad tariffs, invalidating core IEEPA-based measures including the Liberation Day global tariff framework and subsequent trafficking and country-specific levies on Canada, Mexico, China, Brazil and India; sectoral and non-IEEPA tariffs remain in place while the executive considers alternative measures.
February 21, 2026
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Executive emergency tariff authority limited, prompting administration to pursue alternative statutory bases for imposing tariffs.
The Supreme Court concluded that the Constitution vests the taxing power in Congress and that the emergency statute invoked by the Executive does not authorize imposition of tariffs as revenue measures, constraining executive emergency tariff authority; the administration plans to rely on alternative statutory bases to replace the invalidated tariffs.
February 21, 2026
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Tariff policy remains central as the India trade arrangement continues despite judicial limits on tariff authority.
President Trump stated the bilateral trade arrangement with India remains in effect after the Supreme Court invalidated his broad tariffs, noting an Executive Order rescinded punitive tariffs on Indian oil imports from Russia and an Interim Agreement framework reduces reciprocal U.S. tariff treatment toward India while maintaining tariffs on Indian imports under the new terms; he framed tariffs as leverage for energy-sourcing commitments and de-escalation between India and Pakistan.
February 21, 2026
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IEEPA authority rejected, limiting tariff powers while administration decries the decision and cites geopolitical effects.
The Supreme Court held that the International Emergency Economic Powers Act does not authorize imposition of duties, constraining executive authority to impose tariffs under national emergencies; the President criticized the ruling and reiterated that tariffs were used as a foreign policy tool to end hostilities between India and Pakistan, a claim denied by India which attributes cessation to direct military talks.
February 21, 2026
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Global tariff authority challenged after court invalidated emergency-use tariffs; president plans executive-order, time-limited alternative.
A judicial body invalidated a broad presidential program of global tariffs as an unlawful exercise of emergency power, eliminating the administration's primary emergency-based mechanism for imposing unilateral worldwide duties. The president announced intent to use an alternative statutory authority via executive order that would impose time-limited tariffs restricted to 150 days, signaling a shift to a different administrative vehicle for trade measures.
February 21, 2026
Show AI Summary
Emergency powers invalidation limits executive authority to impose unilateral tariffs, nullifying sweeping reciprocal import duties.
The executive's imposition of sweeping "reciprocal" import duties under a claimed emergency powers statute was found unlawful; the tariffs were invalidated because setting import duties required clear congressional authorization rather than unilateral emergency proclamations, signaling a legal limit on executive authority to alter statutory tariff schemes by emergency declaration.
February 21, 2026
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Judicial review of emergency tariff powers restores congressional tariff authority, affecting recently announced India-US trade concessions.
The US Supreme Court struck down President Trump's global tariffs imposed under emergency powers, finding tariff authority lies with Congress, thereby removing the legal basis for those sweeping reciprocal tariffs. Indian opposition leaders contend that a recently announced India-US trade framework contained concessions extracted while the tariffs were assumed valid, and they seek clarity on whether those commitments-covering tariff eliminations, import targets, energy sourcing, and non tariff barrier commitments-will persist or be revisited following the judgment.
February 20, 2026
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IEEPA authority invalidated - certain IEEPA based tariffs now refundable to importers who directly paid them.
IEEPA based tariffs were deemed impermissible, allowing refunds only to US importers of record or consignees who directly paid tariffs. Eligible tariffs include IEEPA imposed levies commonly termed fentanyl, trafficking, reciprocal or baseline tariffs, including certain tariffs on goods from Brazil and India. Refunds exclude duties imposed under other statutory authorities such as anti dumping, countervailing, trade remedy or national security provisions. The administrative procedure and timing for claims remain uncertain pending further court and executive guidance.
February 20, 2026
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Presidential emergency powers limited: IEEPA cannot be used to impose broad import tariffs, leaving refund questions open.
The Supreme Court concluded that the International Emergency Economic Powers Act does not authorize the president to impose broad import tariffs, stressing that authority to levy taxes and tariffs rests with Congress and that longstanding practice shows such power has not been exercised under IEEPA. The opinion invalidates tariffs enacted under emergency proclamations while leaving untouched tariffs based on other statutory grounds, and it leaves unresolved whether and how refunds should be returned to importers who paid the challenged levies.
February 20, 2026
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Presidential emergency tariff power invalidated, forcing alternative legal routes and prolonging trade and political uncertainty.
The Court held the president lacked authority to declare an economic emergency and impose sweeping import tariffs, removing an executive legal basis for those tariffs and forcing the administration to pursue alternative statutory mechanisms, which will prolong legal and political debate over trade policy.

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5 Common AC Buying Mistakes to Avoid This Summer (2026 Guide)

February 26, 2026

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Pune, Maharashtra, India (NewsVoir) Summer is here, and staying cool isn’t just a luxury—it is essential. Buying the right AC can make all the difference between a comfy, refreshing home and soaring electricity bills. Before you rush into a purchase, it helps to focus on practical needs rather than just discounts or looks. Brands like Voltas, Hitachi, LG, and Samsung offer a wide range of ACs, but choosing the wrong model can cost you in comfort and efficiency. The good news is that buying a new AC doesn’t have to strain your budget. With Bajaj Finserv Easy EMI loan, you can spread the cost of up to Rs. 5 lakh into manageable monthly instalments. Many models are available with zero down payment, making upgrades more accessible. Plus, during the Bajaj Finserv Summer Sale, you can explore a wide range of options at attractive prices. How the wrong AC choice affects comfort and bills Buying an AC without checking the right specs can lead to: • High electricity bills • Uneven cooling • Frequent breakdowns Avoid these common mistakes to make a smart, energy-efficient choice. 1. Picking the wrong AC size • Too small: Runs constantly, struggles to cool, wastes energy. • Too large: Cools unevenly and consumes extra electricity. Always match AC capacity (tonnage) to your room size. 2. Ignoring Energy Star Ratings Price matters, but so does efficiency. Higher BEE star-rated ACs cost more upfront but save significantly on electricity over time. 3. Overlooking Inverter Technology Non-inverter ACs frequently switch on/off, consuming more power. Inverter ACs adjust compressor speed, making them quieter, faster, and energy-efficient. 4. Forgetting installation costs Split ACs require professional installation, brackets, copper piping, and sometimes stabilizers. Include these costs in your budget. 5. Ignoring room conditions • Direct sunlight, high ceilings, poor insulation, and number of occupants affect cooling. • Don’t choose an AC based only on square footage—consider room environment too. 6. Skipping maintenance planning: Check service availability locally. Regular servicing ensures long-term performance and reliability. 7. Prioritising looks over performance: Sleek design is nice, but cooling efficiency, warranty, after-sales support, and spare part availability matter more. Best-selling air conditioners to explore this summer 1. Samsung 1 Ton 3 Star Inverter Split AC (AR12CY3ZAGD) Price: Rs. 31,490 EMI starting from: Rs. 1,749 Description: An ideal choice for smaller rooms, this model features Fast Cooling technology and a Triple Protector Plus system to guard against power surges without needing an external stabilizer. 2. Voltas 1.5 Ton 3 Star Inverter Split AC (183V Vectra Prism) Price: Rs. 34,990 EMI starting from: Rs. 1,944 Description: A versatile all-rounder for the Indian summer, it offers Adjustable Cooling modes that allow you to run the AC at different tonnages based on the heat load or number of people in the room. 3. Daikin 1.5 Ton 3 Star Inverter Split AC (MTKL50U) Price: Rs. 38,500 EMI starting from: Rs. 2,138 Description: Renowned for its Econo Mode and Coanda Airflow, this unit ensures cold air doesn't fall directly on your head but circulates evenly across the room for better comfort and efficiency. 4. Blue Star 1.5 Ton 4 Star Inverter Split AC (IA418YATU) Price: Rs. 41,990 EMI starting from: Rs. 2,332 Description: This heavy-duty model is designed for extreme heat. It features a Turbo Cool mode for near-instant chilling and high-quality copper coils that are highly resistant to corrosion. 5. LG 1.5 Ton 5 Star AI Dual Inverter Split AC (TS-Q19YNZE) Price: Rs. 46,500 EMI starting from: Rs. 2,583 Description: Its AI Dual Inverter senses room conditions to optimise cooling. It boasts a top-tier 5-star rating, meaning significant long-term savings on electricity bills. Limited-time offers on electronics and appliances Beat the heat smartly—get up to 60% off on ACs, with pocket-friendly EMIs starting at Rs. 830 per month and zero down payment. * Disclaimer: Offers and EMI amounts may vary depending on location and partner store. For the latest prices and available deals, browse Bajaj Mall or visit a nearby Bajaj Finserv partner store. Why should you buy an AC with Bajaj Finserv this summer Purchasing an AC is easier when the cost is spread over monthly instalments: • Browse online: Compare models, capacity, star rating, and features on Bajaj Mall. • Visit partner stores: Check shortlisted models at 1.5 lakh+ stores across 4,000+ cities. • Choose Easy EMI Loan: Finance up to Rs. 5 lakh with flexible repayment tenures; select models with zero down payment. • Check eligibility online: Verify your pre-approved loan limit quickly with mobile number and OTP. • Use the Insta EMI Network Card: Split your bill into EMIs instantly through a paperless process. Avoiding common AC buying mistakes ensures your AC fits your room, budget, and comfort needs. With Bajaj Finserv Easy EMIs and Summer Sale offers, buying an energy-efficient AC in 2026 has never been easier. Bajaj Finance Limited Bajaj Finance Ltd. (‘BFL’, ‘Bajaj Finance’, or ‘the Company’), a subsidiary of Bajaj Finserv Ltd., is a deposit taking Non-Banking Financial Company (NBFC-D) registered with the Reserve Bank of India (RBI) and is classified as an NBFC-Investment and Credit Company (NBFC-ICC). BFL is engaged in the business of lending and acceptance of deposits. It has a diversified lending portfolio across retail, SMEs, and commercial customers with significant presence in both urban and rural India. It accepts public and corporate deposits and offers a variety of financial services products to its customers. BFL, a thirty-five-year-old enterprise, has now become a leading player in the NBFC sector in India and on a consolidated basis, it has a franchise of 69.14 million customers. BFL has the highest domestic credit rating of AAA/Stable for long-term borrowing, A1+ for short-term borrowing, and CRISIL AAA/Stable & [ICRA]AAA(Stable) for its FD program. It has a long-term issuer credit rating of BB+/Positive and a short-term rating of B by S&P Global ratings. To know more, visit www.bajajfinserv.in (Disclaimer: The above press release comes to you under an arrangement with Newsvoir and PTI takes no editorial responsibility for the same.). PTI

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