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February 24, 2026
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Supplementary demand for additional budgetary grants expands state allocations across energy, industries, water, and social sectors.
The state government presented supplementary demands totalling Rs 11,995.33 crore-Rs 5,748.10 crore on the revenue account and Rs 6,003.79 crore on the capital account-with the largest allocation of Rs 4,066 crore for energy, labour, industries and mining, including Rs 3,262 crore for power and Rs 803 crore for village and small industries, alongside specified departmental requests for water supply and sanitation, planning, rural development, food and civil supplies, revenue and forest, medical education and drugs, and OBC welfare.
February 24, 2026
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Reduced RoDTEP rates not applicable to agri and processed food exports, DGFT clarifies after rate cuts
The reduced rates and value caps under the RoDTEP scheme notified on February 23, 2026, are not applicable to exports of agricultural and processed food products falling under ITC HS Chapters 01-24, the DGFT has clarified, thereby excluding those chapters from the newly prescribed lower rates and caps and preserving their existing RoDTEP treatment.
February 24, 2026
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Market volatility driven by AI disruption and trade-policy shifts rattles investor confidence, boosting chip stocks while pressuring AI-exposed firms.
Market volatility intensified as heavy selling targeted companies seen as losers from rapid AI adoption while AI infrastructure suppliers gained; a research scenario warning of AI-induced erosion of the human-centric consumer economy heightened displacement and deflationary concerns, prompting reallocations toward chip and equipment makers and steep declines for cybersecurity and software firms. Trade-policy rhetoric and tariff measures further amplified uncertainty, producing mixed regional market reactions and notable moves in oil, currencies, and cryptocurrency.
February 24, 2026
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Trade facilitation for SEZs under the India-UK agreement could boost export competitiveness and attract technology investment.
Seminar examined the India-UK Comprehensive Economic and Trade Agreement's effects on Special Economic Zones, highlighting trade facilitation, reduction of non tariff barriers, improved market access for SEZ enterprises, and the role of SEZ infrastructure and governance in converting treaty commitments into export competitiveness and sustained investment-with targeted focus on IT/ITES and semiconductor SEZs.
February 24, 2026
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Financial modernisation drove phased computerisation and regulatory reforms to strengthen banking operations and promote inclusion.
Satyendra Kumar advocated phased computerisation of banking operations as a strategic investment to correct systemic weaknesses in public sector banks, improve transaction processing and fraud prevention, and pave the way for widespread adoption of Core Banking Solutions.
February 24, 2026
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Regulatory directives not always subject to judicial scrutiny; banks may proceed with fraud classification absent clear irreparable harm.
The Master Directions aim to secure public money by enabling early detection, reporting and mitigation of fraud risk, and not every contravention of those Directions is amenable to judicial scrutiny. Banks may engage external auditors or forensic experts and the Directions do not require a mandatory form of forensic report before banks make final decisions. An earlier interim stay on banks classifying accounts as fraud was set aside as procedurally irregular and based on flawed factual and legal assumptions; continuation of proceedings was held not to cause irreparable harm and injunctive relief was inappropriate.
February 24, 2026
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Nomination rules: one entry per category for BFSI Tech Awards, judged by an independent expert panel; submit by the deadline.
Public and private sector banks, co-operative banks, NBFCs, and insurance companies may nominate measurable, scalable technology-led initiatives. Only one team or division may be nominated per category; multiple entries within the same category are prohibited. Nominations must include detailed case studies addressing objectives, implementation, innovation, measurable outcomes, and long-term impact. An independent panel of industry and technology experts will adjudicate entries to ensure transparent, merit-based evaluation, and awards will be conferred by a designated industry leader. A final submission cutoff and contact details are provided.
February 24, 2026
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Trade policy risk from tariff remarks dents markets, compounding AI-driven IT sector rout and oil-price pressures.
Equity benchmarks fell nearly one percent as a sharp selloff in IT stocks-driven by fears of AI-related disruption-pulled indices lower, while trade-policy uncertainty from tariff remarks and rising crude oil prices compounded market unease; foreign institutional buying contrasted with domestic institutional selling.
February 24, 2026
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Export controls: China bans dual-use exports to selected Japanese firms and tightens licensing with risk assessments and pledges.
China imposed targeted export controls on selected Japanese firms by banning exports of designated dual-use goods to a specified group and requiring individual export licences, risk assessment reports, and written assurances for another group; the measures also bar foreign persons from supplying those banned items and require immediate cessation of related activities.
February 24, 2026
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Presidential tariffs prompt legal uncertainty after court rejection of broader authority, spurring market volatility and potential litigation.
The article reports that the president announced a temporary import tariff measure after the Supreme Court struck down a broader reciprocal tariff regime, raising questions about the scope of presidential tariff authority and the likelihood of subsequent litigation. The announcement produced market volatility as investors weighed legal uncertainty over trade policy and possible challenges to the new, narrower tariff action.
February 24, 2026
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Trade diversification strategy: Canadian prime minister seeks to expand non US exports and secure partnerships on critical minerals and clean energy.
The Canadian prime minister is undertaking visits to India, Australia and Japan to expand export markets and attract investment, conducting high level meetings and sectoral talks-including defence, artificial intelligence, clean energy, critical minerals and food security-to increase non US exports and reduce dependence on the United States, driven by concerns over tariff threats and economic coercion and set against strained Canada-India relations.
February 24, 2026
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Illegally collected tariffs: lawmakers seek mandatory refunds and interest while administration says refunds await court litigation.
Senate Democrats propose legislation directing Customs and Border Protection to refund tariff revenues found to have been collected under unlawful executive orders, requiring refunds within 180 days with interest, prioritising small businesses and encouraging importers and wholesalers to pass repayments to customers, while the administration maintains refunds should be resolved through litigation and that the Supreme Court ruling did not settle refund procedures.
February 24, 2026
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Political criticism: BJP says opposition's remark reflects organisational decline, urging focus on party affairs and governance.
BJP leadership dismissed an SP chief's remark about potential legislative manoeuvring as reflecting opposition frustration and political bankruptcy, stressing that the SP's support base is declining amid nepotism and infighting while the BJP emphasises discipline and governance priorities.
February 24, 2026
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Tariff authority challenged after court ruling; executive threatens higher uniform import taxes while refund legislation advances.
The article concerns the legal and policy dispute after the Supreme Court struck down broad import tariffs imposed under an asserted emergency powers authority, the executive threat to raise and enforce uniform import taxes despite that ruling, and proposed legislation to require refunds with interest administered by customs, prioritizing small businesses, while refund procedures remain legally and operationally uncertain.
February 24, 2026
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Tariffs escalation jolts markets, triggering investor concern over AI-vulnerable firms and renewed trade uncertainty globally.
The article describes markets reacting to the administration's escalation of temporary import tariffs after the Supreme Court limited a prior broad tariff framework, with the executive signaling use of alternative statutory routes for permanent measures. That policy shift, coupled with investor selling of companies deemed vulnerable to AI-driven competition and ambiguous signals from monetary authorities, is framed as intensifying trade-policy uncertainty and contributing to sector-specific stock declines and broader market volatility.
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.

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Customs & Trade

Kerala: Five held for smuggling high-end used cars from Bhutan; DTO among accused

March 7, 2026

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Kochi, Mar 7 (PTI) The Customs (Preventive) Commissionerate has arrested five persons from West Bengal and Assam in connection with the smuggling of high-end used cars from Bhutan, officials said on Saturday.

In a statement, Customs said the arrested persons were Biswadip Das (35) of Jaigaon in Jalpaiguri district of West Bengal, Dipak Patowary (57) of Paltanbazar in Kamrup district, Ayub Ali of Jogighopa in Bongaigaon district, MD Mostafa Ahmed (35) of Boladmari in Goalpara district and Jalal Mandal (31) of Chapar in Dhubri district. All four belong to Assam.

Customs officials said Patowary was the District Transport Officer (DTO) of Bongaigaon in Assam.

The arrests were made following a widespread investigation conducted in Assam and West Bengal, with the assistance of police and Customs formations in the northeastern states, officials said.

"During an investigation by Assam Police, they were found to have registered 460 such vehicles using forged documents. The vehicles include foreign-made cars as well as Indian-made vehicles that were exported earlier and later smuggled back into the country without payment of Customs duties. These were then illegally registered using forged documents," Customs said.

The Customs (Preventive) Commissionerate, Kochi, launched "Operation Numkhor" last year after it was found that used vehicles, mostly high-end SUVs from Bhutan, were being illegally smuggled into India, re-registered in various states, and sold to buyers who claimed they were legally imported.

Last year, Customs seized several vehicles, including some belonging to film actors in Kerala, which had been sold to them by persons involved in the illegal smuggling of vehicles from Bhutan.

The Customs statement said Das, who was arrested on February 22 and is an employee of a major IT firm, was the mastermind behind the smuggling of vehicles from Bhutan.

He was apprehended near the India-Bhutan border and later brought to Kochi on a transit warrant before being remanded in judicial custody.

Customs will soon approach the court seeking the custody of the arrested persons for further investigation, officials said.

According to Customs, a recent report by the Comptroller and Auditor General of India (CAG) found that 15,849 vehicles with the same chassis and engine numbers were registered in multiple northeastern states. PTI TBA TBA KH

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