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March 9, 2026
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Force majeure declarations amid Middle East conflict trigger supply disruptions and spur talks of releasing strategic oil reserves.
Attacks on production and shipping linked to the Iran conflict have reduced exports and prompted a national oil company to declare force majeure, relieving contractual obligations during extraordinary disruption. Some producers have cut output as storage fills, while major consuming states are considering coordinated releases of strategic petroleum reserves and domestic measures to prevent hoarding and price collusion to stabilize markets.
March 9, 2026
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Limiting customer liability in digital transactions expanded to cover more fraud and introduce a temporary compensation mechanism.
RBI has published draft Amendment Directions to broaden the scope of limits on customer liability in digital transactions to include additional fraudulent electronic banking transactions, mandate faster bank processing of fraud complaints, and establish a temporary compensation mechanism for small-value frauds subject to a one-year review aimed at shifting more compensation responsibility to banks.
March 9, 2026
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Provincial development priorities: prioritize industry technology integration and service sector modernization under the new five year plan.
Guangdong sets strategic provincial development priorities for the 15th Five-Year Plan, prioritizing industry technology integration and the cultivation of large-scale industrial clusters in fields such as 6G, embodied artificial intelligence, and quantum technology. Simultaneously, the province will accelerate high-quality service sector development through six strategic dimensions-integration, high-end advancement, digital intelligence, green development, internationalization, and diversification-by expanding investment, building world-class industrial parks, and creating diverse platforms while inviting external participants and talent to engage in provincial opportunities.
March 9, 2026
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Wealth management platform expansion strengthens bank's direct advisory franchise while maintaining strategic collaboration with existing partner.
Federal Bank launched Fed Wealth and a Wealth Hub to develop an in house wealth franchise offering fixed income, equities, mutual funds, alternatives and GIFT City solutions, and will establish specialised Wealth Hubs for private advisory and virtual consultations. The Bank restructured its arrangement with Equirus Capital to align product and service architecture for affluent and UHNI clients while ensuring uninterrupted service for existing Equirus customers, retaining a minority stake in Equirus and continuing targeted collaboration to offer select Equirus products to UHNI clients.
March 9, 2026
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Oil supply disruption drives crude price surge and market volatility amid Middle East conflict, threatening shipping and energy inflation.
Crude oil prices surged as the Iran war damaged energy infrastructure and disrupted shipping through the Strait of Hormuz, constraining exports and prompting production cuts by regional producers. Attacks on depots and transfer terminals, reduced tanker traffic, and filling storage tanks tightened physical supply, fueling market volatility, higher fuel and natural gas prices, and inflationary pressures. Discussions of strategic petroleum reserve releases and official assurances were cited as potential mitigating measures against persistent disruptions.
March 9, 2026
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Oil supply disruption drives crude prices up, threatening global inflation and straining markets and fuel costs.
Crude oil prices surged after the Iran war disrupted production and maritime transit through the Strait of Hormuz, impeding tanker movement and prompting output cuts by producers as storage tanks filled. Attacks on oil and gas facilities and depots further reduced exports, transmitting supply shocks into elevated crude and natural gas prices, higher retail fuel costs, intensified market volatility, and upward pressure on inflation, with major buyers potentially seeking alternative suppliers.
March 9, 2026
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Export Obligation extension grants automatic relief for advance and EPCG authorisations, no application or fee required.
Automatic extension of the Export Obligation (EO) period is provided for specified Advance Authorisations and EPCG Authorisations, without requiring separate applications or payment of composition fees, operating alongside existing Foreign Trade Policy and Handbook of Procedures provisions; DGFT regional authorities will verify EO compliance at the time of issuance of Export Obligation Discharge Certificates, closure, or regularisation, and Customs have been informed to permit exports consistent with the revised EO timeline.
March 9, 2026
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Technological self-sufficiency drives China's industrial policy, prompting state-led subsidies and supply-chain strategies to counter foreign tech restrictions.
China's 2026 and five-year plans combine near-term focus on expanding domestic demand with a strategic push for technological self-sufficiency. The state will deploy industrial policy and sizeable subsidies to accelerate breakthroughs in AI, semiconductors, batteries, biotech, 6G, electric vehicles and commercial aviation, seeking supply-chain resilience in response to foreign technology restrictions, while acknowledging risks of manufacturing oversupply and international trade tensions.
March 9, 2026
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Energy supply disruption raises oil prices and fuels market volatility with implications for fuel costs and economic risk.
Oil prices rose above one hundred dollars per barrel after conflict involving Iran disrupted production and shipping through the Persian Gulf, reducing tanker transits via the Strait of Hormuz, prompting production cuts and storage fill-ups among regional producers, and following attacks on oil and gas facilities that tightened global crude availability and heightened market volatility.
March 8, 2026
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Sanctions waiver allows delivery of Russian-origin crude already loaded, enabling refiners to secure alternate supplies amid shipping disruptions.
A temporary sanctions waiver permitting sale and delivery of Russian-origin crude loaded prior to the cutoff enables Indian refiners to accept in transit Russian cargoes without breaching sanctions; refiners are also sourcing additional supplies from non-conflict regions, maintaining processing rates and using onshore and strategic reserves to preserve inventory coverage while facing higher freight, insurance and commodity price risks.
March 7, 2026
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Trade preference: India secured preferential market access under a bilateral framework with the US, affecting tariffs and procurement.
A bilateral trade framework with the US sets reciprocal tariff adjustments and market-access commitments, with India agreeing to reduce or eliminate tariffs on a broad set of US industrial and agricultural products and declaring procurement commitments for US goods; final legalisation is pending after changes in US tariff policy and postponement of negotiators' talks.
March 7, 2026
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Illicit export of controlled drug by mislabelling and forged customs papers exposed, forensic testing confirmed substance.
Three individuals were arrested for exporting etomidate by mislabelling consignments as aloe vera powder and a personal care ingredient, using forged customs documents and air cargo from Mumbai; Raman spectrography confirmed etomidate, the suspects admitted contacts with overseas drug-cartel members, and shipments were bound for jurisdictions where etomidate is treated as a controlled or prohibited substance.
March 7, 2026
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Government emergency power to direct refineries ensures LPG supply while domestic cooking gas prices rise.
Domestic cooking gas prices were raised significantly and commercial LPG rates were increased separately; state differentials reflect local tax incidence. The rise was linked to global energy price spikes and supply disruptions through the Strait of Hormuz. The government invoked emergency powers to direct refineries to boost LPG production and indicated petrol and diesel prices will not be raised immediately because state oil companies can absorb short term cost pressures.
March 7, 2026
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Port facilitation measures urged to permit charge waivers and operational steps to manage disruption from West Asia crisis.
The Ministry's Standard Operating Procedure requires each port to appoint a nodal officer as single point of contact to secure timely action and mandates that ports consider, case by case and depending on circumstances, requests for reduction, waiver or remission of charges including storage rent and change of vessel charge; permit storage of Middle East bound cargo as transshipment cargo; allot additional storage; facilitate ad hoc berthing and expedited return movement of export cargo; prioritise perishable cargo handling; and coordinate with Customs and DGFT for implementation.
March 7, 2026
Show AI Summary
Export obligation relief extends EO for specified advance and EPCG authorisations without composition fee to aid exporters facing shipping disruptions.
The DGFT has automatically extended the export obligation period, block-wise, for specified advance authorisations and EPCG authorisations expiring between March and May, until August 31, 2026, without payment of the composition fee, supplementing existing foreign trade policy extension mechanisms to assist exporters affected by shipping and supply-chain disruptions.
March 7, 2026
Show AI Summary
Vehicle smuggling exposed; arrests follow forged registrations and alleged official complicity, customs pursue custody.
A cross border smuggling scheme brought high end used vehicles from Bhutan into India without payment of Customs duties, re registering them using forged documents; Customs' "Operation Numkhor," aided by state police, led to arrests, seizures and a planned court application for custody to further investigate alleged organiser conduct including involvement of a District Transport Officer and duplicate registrations identified by the auditor.
March 7, 2026
Show AI Summary
Emergency powers invoked to boost domestic LPG production amid supply disruptions following Middle East conflict.
Retail LPG prices for household and commercial cylinders were increased, with non subsidised domestic cylinders and Ujjwala beneficiaries affected and commercial cylinders rising by a larger margin; the hikes are attributed to global energy price spikes and supply disruptions via the Strait of Hormuz. To augment domestic supplies, the government invoked Emergency Powers directing refineries to ramp up LPG production, while state taxes continue to cause regional price differences.
March 7, 2026
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Unique Transaction Identifiers mandated for each scheme to improve traceability; notify UIDAI and adopt LITE code where applicable.
REs implementing Aadhaar authentication must embed a Unique Transaction Identifier (up to five alphabetic characters appended to the transaction ID) for each scheme/service/use case, notify UIDAI using the Annexure III format before implementation, and follow Annexure I guidelines; low volume government entities may apply for a LITE Code via their AUA/KUA under the SOP in Annexure II, with secure logging, compliance obligations, and license/penalty consequences if thresholds are exceeded.
March 7, 2026
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SGST reimbursement for film exhibition approved subject to print week limits, ticket price restrictions, and treasury deposit compliance.
Reimbursement of the State Goods and Services Tax (SGST) equivalent for the film is approved subject to conditions: no increase in prevailing entry fees or changes to seating-class capacities; a statewide cumulative print week ceiling limiting the product of prints and weeks and an overall exhibition duration cap of three months; ticket sales must reflect reduction of the SGST component during the notified period; and multiplex/cinema owners must deposit the SGST amount into the treasury following the prescribed procedure.
March 7, 2026
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Free Trade Agreements expansion broadens market access and mobility, protecting sensitive sectors while promoting exports and investment.
India has expanded its network of Free Trade Agreements, implementing bilateral and plurilateral instruments that broaden preferential market access for agriculture, exporters of garments, leather and handicrafts, AYUSH and organic products, and digital services, while introducing mobility and post-study work pathways and measures to catalyse investment; negotiations are described as balancing market access with protections for sensitive sectors and domestic industry to align trade expansion with national self-reliance and economic transformation.

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Customs & Trade

LPG supply: Oppn raises issue in Parliament; crackdown on hoarding in multiple states

March 16, 2026

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New Delhi/Mumbai, Mar 16 (PTI) Amid concerns over LPG supply in many parts of the country, the issue was raised in Parliament on Monday, where opposition and ruling BJP members attacked each other over the energy crisis, even as authorities in multiple states initiated a crackdown on hoarding and black marketing.

Leader of Opposition in Rajya Sabha, Congress MP Mallikarjun Kharge said that the government had claimed that the LPG supply was not affected by the situation in the West Asia but the ground reality is different.

"The LPG crisis has caused widespread panic across the entire nation. Its impact is severely affecting the poor and vulnerable sections, the middle class, ordinary households, restaurants, hostels, and commercial users," he said during the Zero Hour.

This evoked a sharp counter from Union Minister J P Nadda, who accused opposition parties, especially Congress, of not standing with the people but of instigating them.

Nadda said the current West Asia conflict is not due to India and further claimed that a Congress leader has been caught hoarding LPG cylinders.

While the political slugfest was underway in the Parliament, a protest march was taken out in Kolkata against the cooking gas crisis in West Bengal, where Chief Minister Mamata Banerjee claimed the problem was "artificially created".

In other parts of the country, authorities conducted raids and inspections amid increased vigilance to check illegal stockpiling of domestic gas cylinders.

As many as 84 illegally stored LPG cylinders valued at Rs 2.22 lakh were seized from a private premises in Bhiwandi town of Maharashtra’s Thane district, leading to the registration of a case against three individuals under the Essential Commodities Act.

An official said out of 84 cylinders, 34 were filled, and the remaining were empty.

Giving details about the Maharashtra government's crackdown on hoarding and illicit trading of gas cylinders, Food and Civil Supplies Minister Chhagan Bhujbal said 23 cases have been registered and 18 people arrested.

Replying to the issue raised by Congress's Abhijit Wanjarri in the legislative council, Bhujbal listed steps undertaken by the state government to keep the prices under control amid the West Asia crisis.

The state government has formed committees of collectors and superintendents of police at the district level, which carried out 2,129 raids and seized 1,208 cylinders and goods worth Rs 33,66,411, he said.

In Jammu, the administration conducted inspections at multiple LPG outlets amid panic buying and complaints of delivery failures of gas cylinders. Some gas cylinder dealers faced action who were allegedly found violating norms.

Officials insisted there was no shortage of fuel and urged people not to fall prey to rumours; however, long queues were reported at several LPG outlets in Jammu over the past few days.

Though the central government said that there are adequate crude oil and LPG supplies, Jharkhand's minister said that the state is facing a shortage of both domestic and commercial LPG, while Karnataka’s food and civil supplies minister urged hotels to switch to electric stoves temporarily and expressed hope that the situation would improve soon, as additional shipments are expected.

In Delhi, the students’ union at Jawaharlal Nehru University (JNU) gave a call for the march to the office of the dean of students as the food menus in the canteens on the university premises continue to be affected.

Conversely, the Gujarat government said it has an adequate stock of liquefied petroleum gas (LPG), and the supply chain remains uninterrupted.

Addressing a press conference, Mona Khandhar, additional chief secretary, Food, Civil Supplies and Consumer Affairs Department, said that the government has not imposed any restrictions on domestic or commercial use and is taking steps to ensure smooth availability of fuel across sectors.

"The district teams, police system, oil marketing companies and our state-level teams are in constant coordination to ensure that there is no disruption in LPG supply. We are receiving LPG stock continuously, and buffer stock with agencies is also increasing," she said.

Meanwhile, a senior petroleum ministry official said that city gas distribution companies have rolled out incentives to encourage consumers to shift from LPG to piped cooking gas (PNG) to ease pressure on LPG supplies.

Indraprastha Gas Ltd (IGL) - the CNG and piped cooking gas (PNG) retailer in Delhi and adjoining cities - is offering domestic consumers free gas worth Rs 500 if they take a PNG connection and start using it before March 31, while Mumbai-retailer Mahanagar Gas Ltd has announced incentives, including waiver of Rs 500 registration charge for domestic household consumers and Rs 1-5 lakh security deposit for commercial users. Similar promotional measures have also been introduced by GAIL and BPCL, said Sujata Sharma, Joint Secretary, Ministry of Petroleum and Natural Gas (MoPNG).

India imports about 88 per cent of its crude oil, 50 per cent of its natural gas and 60 per cent of its LPG needs. More than half of India's crude imports, about 30 per cent of gas and 85-90 per cent of LPG imports came from West Asian countries, such as Saudi Arabia, Qatar and the UAE, through the Strait of Hormuz.

The conflict has led to a blockade of the Strait of Hormuz, the main transit route for Gulf energy supplies. While India has partly offset crude supply disruptions by sourcing oil from countries, including Russia, gas supplies have been curtailed to industrial users, and LPG availability to commercial establishments, such as hotels and restaurants, has been curtailed by a fifth. PTI TEAM AMJ AMJ

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