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    Mizoram to intensify crackdown on areca nuts smuggling, 468 cases registered since 2019: Minister
    Global markets roiled as conflict in Middle East spreads, energy prices soar
    Department of Commerce convenes Stakeholder Consultation to ensure trade continuity amid evolving geopolitical developments
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    Central Board of Indirect Taxes and Customs (CBIC) introduces deferred Customs Duty payment facility for Eligible Manufacturer Importers as announced ...
    US futures, Asian shares open lower, oil prices soar as US and Israeli attack Iran
    Rupee falls 21 paise to 91.29 against US dollar in early trade
    Oil prices rise sharply after attacks in Middle East disrupt global energy supply
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March 2, 2026
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Customs enforcement against areca nut smuggling intensified, emphasising prosecution under prohibitory orders and strengthened border surveillance.
Intensified enforcement targets areca nut smuggling from Myanmar due to evasion of import duties and market harm to local growers. Authorities have registered numerous cases and made arrests under prohibitory-order offences prosecuted via the Indian Penal Code and the Bharatiya Nagarik Suraksha Sanhita, and separate prosecutions under the Customs Act. The government affirms continued prohibition, enhanced border surveillance, and a zero-tolerance stance including probes into alleged official complicity.
March 2, 2026
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Energy supply disruption risks push global markets lower as oil and gas price spikes strain trade and inflation expectations.
Energy supply disruptions from Middle East hostilities sharply pushed up oil, gas and fuel prices, driving marketwide volatility as investors rotated into safe havens. Attacks affecting transit through the Strait of Hormuz threaten continuity of crude and LNG exports, prompting buyers to seek alternate sources and tightening physical markets. Higher wholesale inflation readings increase the prospect of delayed monetary easing, reinforcing downward pressure on risk assets and elevating short term downside risk to trade and investment flows.
March 2, 2026
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Trade continuity secured through coordinated facilitation and procedural flexibility to protect exporters and sustain EXIM logistics.
The Department of Commerce convened a multi stakeholder consultation to coordinate regulatory and operational measures for EXIM logistics amid geopolitical developments, focusing on real time monitoring of routing, capacity, surcharges and equipment availability, and strengthening facilitation at ports and ICDs to prevent congestion. The Government emphasised a facilitative, coordinated approach prioritising supply chain resilience and exporter interests, agreeing measures including procedural flexibility for export authorisations, Customs coordination for smooth clearance, financial and insurance engagement, and prioritisation of time sensitive export segments.
March 2, 2026
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Current account deficit rises due to widening trade deficit; services surplus partially offsets external imbalance.
Current account deficit widened to USD 13.2 billion in the December quarter, driven mainly by a larger merchandise trade deficit, while net services receipts rose and partially offset the deterioration; the April-December current account deficit moderated compared with the prior year, reflecting goods and services flow dynamics within the balance of payments.
March 2, 2026
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GST revenue collections: gross receipts, refunds and net receipts reported, with state settlements and cess treatment noted.
Statement of February 2026 GST revenues detailing gross receipts by CGST, SGST and IGST (domestic and import), reported refunds (domestic and export/ICEGATE) and resulting net GST revenue split into net domestic and net customs receipts. It separately reports compensation and import cess inflows and refunds, noting compensation cess remains transitory until loan liabilities are discharged. State/UT pre- and post-settlement SGST distributions and Apr-Feb collection breakdowns by Central and State formations are included for inter-year comparison.
March 2, 2026
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Trade facilitation measures to mitigate West Asia crisis impact on exports, including customs coordination and logistical support.
The consultation assessed risks to EXIM cargo flows from West Asian hostilities and committed a facilitative, coordinated response focused on preserving trade continuity. Agreed measures include real-time monitoring of routing, capacity, surcharges and equipment availability; strengthened port/ICD facilitation to avoid congestion; targeted support for time-sensitive exports such as perishables and pharmaceuticals; procedural flexibility for export authorisations in genuine disruption; Customs coordination for smooth clearance; and engagement with financial and insurance institutions to protect exporter interests, with emphasis on MSMEs and essential imports.
March 2, 2026
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Exchange rate pressure intensified as geopolitical conflict, crude price spikes and capital outflows pushed the currency lower despite central bank support.
Severe exchange rate pressure drove the rupee sharply lower amid geopolitical conflict, FII outflows and rising crude prices, increasing India's import bill vulnerability; the Reserve Bank of India's visible market presence capped deeper intraday depreciation while analysts warned that geopolitical developments, crude trends, capital flows and key US data will determine near term exchange rate direction.
March 2, 2026
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Genetic upgrade initiative boosts local mutton and wool production via import of elite sheep and goat breeds.
Importation of Romanov and Finn sheep and Boer and Swiss Alpine goats aims to implement a genetic upgrade of Jammu and Kashmir's small ruminant population to improve growth rates, carcass yield, reproductive efficiency and overall flock productivity. Imported germplasm will be multiplied at government breeding farms and progeny distributed to farmers in phases, with farmer-level distribution starting in the third quarter of 2026-27, as part of Project 24 under the Holistic Agriculture Development Programme alongside complementary livestock and rural productivity measures.
March 2, 2026
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Oil supply disruption risk drives markets as geopolitical attacks push energy prices up and equities downward.
Attacks on Iran caused equity declines and sharp rises in oil and gold as traders priced in disruption to energy flows through the Strait of Hormuz; sustained interruptions to Iranian exports and regional shipping could tighten global supply, elevate fuel and production costs, affect major importers' sourcing strategies, and influence inflation dynamics and central bank rate decisions.
March 2, 2026
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Manufacturing activity growth driven by stronger domestic demand despite slower export orders, prompting higher input buying and hiring.
Manufacturing activity accelerated to a four-month high as stronger domestic demand supported faster output growth and higher new business intakes; firms increased input purchasing, inventories and hiring. New export orders continued to slow, somewhat constraining employment creation. Cost pressures remained moderate, and forward-looking sentiment was positive with many manufacturers expecting higher output over the year ahead.
March 2, 2026
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Compliance with IS-17900 drives local manufacturing of advanced lift control systems, reducing import dependence and strengthening supply chains.
A Phase 1 manufacturing facility invests in local production of advanced lift electronic control systems designed to comply with IS-17900, reduce import dependency, and enable component to finished product localisation. The plant will operate automated PCB and semi automatic panel lines to produce MR, MRL and Slim Panels, emphasise controlled environment quality, IoT features, and support supply chain resilience and national industrial policy objectives under the Make in India framework.
March 2, 2026
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Reservation policy implementation strengthened across public financial institutions to improve accessibility and uniform compliance measures.
Strengthening institutional capacity for uniform implementation of the Government of India's reservation policy across public financial institutions and enhancing accessibility for Persons with Disabilities were the primary objectives. The programme combined a Sugamya Bharat sensitisation session on accessibility standards and compliance requirements, a roundtable on legal provisions and practical challenges, exchange of best practices, and an interactive question-and-answer session to identify operational measures for inclusivity, accessibility and reservation policy compliance.
March 2, 2026
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Deferred Customs Duty payment enables qualified manufacturers to clear imports and pay duties monthly, subject to compliance and eligibility.
A Deferred Customs Duty payment facility allows Eligible Manufacturer Importers to clear imports without immediate duty payment and to pay applicable customs duties monthly under the Deferred Payment of Import Duty Rules, 2016, subject to prescribed Customs and GST compliance, turnover, financial standing and track record; existing AEO T1 entities meeting eligibility may participate and applications are to be submitted via the AEO portal.
March 2, 2026
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Energy supply disruption risks trigger global market selloff and safe-haven flows, lifting oil and gold while bond yields fall.
Global markets moved to risk-off after US and Israeli attacks on Iran: equities opened lower while gold and government bonds rallied and oil prices surged on fears that strikes and incidents in the Strait of Hormuz could restrict oil and LNG exports, raising the prospect of higher energy and production costs; higher-than-expected wholesale inflation readings were identified as a factor that may affect the central bank's timing for interest-rate cuts.
March 2, 2026
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Rupee depreciation driven by crude price surge, dollar strength and foreign fund outflows pressures local currency lower.
Rupee depreciation in early trade reflected external pressures-higher crude prices, a stronger US dollar, and escalated Middle East tensions-compounded by negative domestic equity sentiment and significant foreign institutional outflows. Market indicators included a firmer dollar index, rising Brent crude futures, and a recent dip in forex reserves, while analysts warned of increased import bill risk due to India's reliance on fuel imports.
March 2, 2026
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Energy supply disruption threatens global oil flows, driving sharp price increases and straining fuel and goods markets worldwide.
Attacks and retaliatory strikes in the Middle East disrupted flows through the Strait of Hormuz and regional export infrastructure, triggering sharp crude price rises and heightened risk of sustained supply constraints; OPEC+ announced production increases, but analysts stress that constrained export routes limit the immediate effectiveness of added output.
March 2, 2026
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Maritime chokepoint security threatened, risking oil export disruptions and limiting the relief from increased production.
Attacks and military strikes in the Middle East disrupted maritime traffic through the Strait of Hormuz, risking restrictions on regional crude exports and driving upward pressure on oil and gasoline prices. Because the strait is a critical global oil chokepoint, market concerns focus on whether barrels can physically move; consequently, OPEC+ announcements of increased production may provide limited immediate relief if export routes remain constrained.
March 2, 2026
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Oil supply security: production increases meet limited relief when export routes through the Strait of Hormuz are disrupted.
OPEC+ announced an April increase in crude production intended to augment available supply while regional military attacks and disruptions to tanker movements - particularly through the Strait of Hormuz - threaten export routes. The notice underscores that interruptions to transit can limit the relief additional output provides and that access to export channels will be decisive for near-term market stability and price direction.
March 1, 2026
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Energy security measures cushion supply shocks but elevate price volatility and macroeconomic pressures for oil importers.
Escalating tensions around Iran and the Strait of Hormuz create near-term energy security risks for India manifested chiefly as price volatility and macroeconomic pressure rather than immediate physical shortages. Layered inventory buffers - commercial stocks, in transit cargoes and Strategic Petroleum Reserves - combined with diversified sourcing options (including Atlantic suppliers and Russian optionality) reduce the likelihood of sustained supply disruption, though longer transit times and LNG contractual rigidity limit rapid substitution and increase vulnerability to prolonged closures.
March 1, 2026
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GST revenue growth signals strengthened tax receipts driven by import collections and improved domestic sales affecting fiscal enforcement.
A court ordered continued judicial custody for eight alleged Lashkar-e-Taiba operatives accused of illegal entry and procuring forged identity documents while another court directed the immediate release of 14 student protesters arrested after a campus demonstration. Separately, gross Goods and Services Tax collections rose year-on-year, led by higher import receipts and improved domestic sales, reflecting stronger enforcement and compliance dynamics within the indirect tax regime.

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Customs & Trade

Funeral held for Turkish truck driver killed in missile strike in Iran

March 15, 2026

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Ankara, Mar 15 (AP) Crowds gathered Sunday for the burial of 29-year-old Huseyin Firat in Reyhanli, southern Turkiye, the Demiroren News Agency reported.

He died from wounds sustained in a March 6 attack on a convoy returning from Afghanistan to Turkey, according to Turkish media reports.

Video footage taken days later showed his vehicle shredded by shrapnel and a large crater near the city of Zanjan, in northwest Iran.

US expects other nations to back efforts on Hormuz: Wright ------------------------------------------------------------------ US Energy Secretary Chris Wright says he's been “in dialogue” with some of the countries that Trump hopes will send warships to counter Iran's efforts to restrict shipping in the Strait of Hormuz. He's not saying which ones.

Asked on NBC's “Meet the Press” whether shipping through the critical waterway is safe at the moment, Wright responded: “No, it is not.” He noted that many other countries, especially in Asia, are more dependent than the United States on energy supplies that are shipped through the strait.

“So of course the whole world will be united on the need to open Hormuz and clearly we will have the support of other nations to achieve that objective,” he said.

Wright said he expected China to “be a constructive partner” in efforts to reopen the strait.

He said there's been a “short-term disruption' to the flow of energy and that “Americans are feeling it right now. Americans will feel it for a few more weeks.” Asked whether the war will be over in a matter of weeks, Wright said: “I think that's the likely time frame, yes.” He said gas prices will start to come back down after the war is over.

“At the end, we will have removed the greatest risk to global energy supplies. We'll go to a world more abundant in energy, more affordable energy.” Asked about whether pump prices will fall below $3 per gallon by the summer travel season, Wright said: “there's a very good chance that'll be true. There's no guarantees in war.” Egypt pledges unity with Qatar, other Gulf nations struck by Iran ----------------------------------------------------------------------- Egypt's President Abdel Fattah el-Sissi promised “full support and solidarity” in a message to Qatari Emir Sheikh Tamim bin Hamad al-Thani.

Foreign minister Badr Abdelatty, who was visiting Qatar on Sunday on the first stop of a tour of the Gulf region, delivered the president's message.

Abdelatty called for a deescalation of hostilities in the region. He said activating a Joint Defence Treaty would “safeguard the security, sovereignty, unity, and territorial integrity of Arab states”.

Turkmenistan sends humanitarian aid to neighbouring Iran ---------------------------------------------------------------- State media reports that four refrigerated trucks carrying medicine, medical supplies, clothing and food left the capital Ashgabat for Iran on Sunday.

The shipment, funded by a charitable foundation, was sent “to the people of the Islamic Republic of Iran, primarily children, as a sign of friendly and fraternal relations,” according to state media. It showed footage of a prayer being recited for the safe delivery of the supplies.

Officials said approximately 250 people from 16 countries have so far crossed into Turkmenistan, an isolated, gas-rich Central Asian nation, which shares a 1,148-km border with Iran.

Turkmenistan maintains one of the strictest visa policies in the world. It provided safe passage to more than 4,000 foreign nationals from 52 countries during the Israel-Iran war last summer.

Tel Aviv cleans up after multiple impacts --------------------------------------------- Police and city workers scoured the area of what appeared to be a cluster munition impact in Tel Aviv on Sunday, attempting to locate and clear any unexploded ordnance.

City workers used street sweepers and power washers to hose down an area where a small munition damaged two cars and spread shrapnel across a small park. Cluster bombs can be exceptionally dangerous for the public as small munitions that are released may not explode on impact and pose a serious danger for passersby.

The impact also left a hole in the pavement, next to a bomb shelter that serves as a youth centre at the local swimming pool. Within 90 minutes, bulldozers and other heavy equipment arrived to clear debris and patch the hole.

Israel police said there were a number of impact sites in the greater Tel Aviv area after Sunday's attacks that left four people injured, one moderately.

Violent storm hammers displaced Lebanese people on Beirut's waterfront ------------------------------------------------------------------------------ The displaced struggled to keep their tents intact as pouring rain and fierce winds hammered the city's downtown waterfront area Sunday.

An AP team on the ground witnessed one tent succumb to the winds, blowing away entirely.

Fadi Younes, one displaced man who fled to the beach from Beirut's southern suburbs, found himself battling with his collapsed tent. He had already rebuilt it once after a storm two days ago, he said.

He gestured to new mattresses, now waterlogged, that he bought after the last ones got soaked through.

“I hope that today things in the country will be set right and everyone can return to their homes. A person only truly feels at ease in their own home,” he said.

Younes is among more than 830,000 people displaced by Israeli strikes and evacuation warnings in Lebanon. The Norwegian Refugee Council says that amounts to one in every seven people.

UN envoy Waltz says Trump weighing options to hit Iran's oil hub -------------------------------------------------------------------------- UN Ambassador Mike Waltz was asked on CNN Sunday whether the US president was prepared to target oil facilities on Kharg island, which handles 90% of Iran's crude oil exports, and if so, if he was worried that that could risk even more of an escalation in the war.

“President Trump's not going to take any options off the table,” Waltz said. “I would certainly think he would maintain that optionality if he wants to take down their their energy infrastructure.” US Central Command posted on X Saturday that it had struck military targets on the island, but preserved the oil infrastructure.

Iran says strategic strait open to all vessels except US, its allies ---------------------------------------------------------------------- Iranian Foreign Minister Abbas Araghchi's comments about the reopening of the crucial Strait of Hormuz came in an interview with the London-based Al-Araby al-Jadeed published Sunday.

“The Strait of Hormuz is not generally closed, but only to the US and its allies, and we will continue this policy as long as the attacks continue,” he was quoted as saying.

Aluminium Bahrain to gradually stop some production ----------------------------------------------------------- The world's largest aluminum smelter outside China said Sunday it would gradually shut down nearly one-fifth of its production capacity as exports remain blocked through the Strait of Hormuz.

Aluminium Bahrain, or Alba, promised a “controlled and safe shutdown strategy.” Smelters run at high temperatures and take time to shut down or restart without endangering equipment or damage the containers that hold molten metals.

The company told buyers last week it couldn't meet its obligations. The timeline of a phased partial shutdown means global aluminum supplies could remain tight even if transit through the Strait of Hormuz quickly returns to normal, keeping upward pressure on prices for products such as construction materials and cars.

Aluminum and oil make up a big part of Bahrain's economy and limits on production and export threaten to deepen woes in the Persian Gulf Island nation being hit with Iranian airstrikes.

The United Arab Emirates said it was attacked Sunday by 4 ballistic missiles and 6 drones from Iran.

There was no immediate word on damage or casualties. (AP) SCY SCY

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