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News
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April 4, 2026
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Supply chain disruption from West Asia crisis threatens Indian exports, imports, and pharma inputs as government diversifies sourcing.
The West Asia crisis is disrupting Indian imports and exports, with energy and regional trade flows under pressure. A prolonged conflict could also affect exports to other regions by altering supply chains and value chains, while the government seeks to minimise disruption and diversify imports. The pharma sector is facing impact from shortages of intermediates and solvents, and supply chain resilience is being prioritised.
April 4, 2026
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Maritime supply continuity keeps LPG inflows moving despite Strait of Hormuz disruption and regional shipping tensions.
Continued LPG inflows to India are reported despite disruption in the Strait of Hormuz, with an Indian-flagged tanker safely transiting the waterway and an Iranian LPG cargo reaching Mangalore for discharge. Maritime authorities are monitoring vessel movements, port operations and crew safety, while coordinating with ship owners, Indian missions and the Directorate General of Shipping. Several Indian-flagged vessels remain stranded on the western side of the strait, though seafarers are safe and port operations across India remain normal.
April 4, 2026
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Identity misuse in tax notices triggers fraud and forgery inquiry over alleged business run using Aadhaar and PAN details.
Identity misuse was alleged after a farmer received income tax and GST notices for dues linked to a firm allegedly operated in his name in Delhi. He said he had never travelled to Delhi or formed any business enterprise, and preliminary inquiry reportedly found that the firm used his Aadhaar and PAN details. A complaint was submitted to the district administration, which constituted a two-member team to investigate the suspected fraud and forgery involving misuse of identity documents and resulting tax demands.
April 4, 2026
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Pharmaceutical exports growth reflects strong global demand, diversified markets and compliance-led expansion despite pricing pressures.
India's pharmaceutical exports continued to expand despite global pricing pressure and trade volatility, with outbound shipments reaching over USD 28 billion up to February of the current financial year and recording growth of 5.6 per cent over the corresponding period in the previous year. Export growth was led by formulations, biologicals, vaccines and AYUSH products, while the sector's total export performance in the preceding financial year also showed strong year-on-year growth. Pharmexcil indicated that export expansion would depend on policy prioritisation, market diversification, increased foreign direct investment inflows and improved regulatory efficiency, with a medium-term export target of USD 65 billion by 2030.
April 4, 2026
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Crude import flexibility keeps India's fuel supply secure despite reports of Iranian cargo diversion.
India said there are no payment hurdles for Iranian crude imports and that refiners continue to secure oil from Iran and a wide range of global suppliers. It rejected reports of an Iranian cargo diversion as factually incorrect, stating that destination changes during transit are common in oil trade for commercial and operational reasons. The ministry said crude oil requirements remain fully secured for the coming months, and noted that an LPG vessel carrying Iranian LPG has berthed at Mangalore and is discharging cargo.
April 4, 2026
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Global export hub logistics for Lalitpur Pharma Park strengthened through port connectivity and freight corridor integration.
Uttar Pradesh State Industrial Development Authority and Jawaharlal Nehru Port Authority have entered into a memorandum of understanding to develop the proposed Lalitpur Pharma Park as a global export hub by linking the industrial cluster to international maritime trade routes. The cooperation contemplates use of the Dadri-Khurja rail link with the Western Dedicated Freight Corridor and Eastern Dedicated Freight Corridor to create a multi-modal rail network for movement of pharmaceutical goods to JNPA, supporting import of raw materials and export of finished pharmaceutical products.
April 4, 2026
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Indian pharmaceutical exports maintain growth momentum as formulations, biologicals, vaccines and Ayush products lead performance.
Indian pharmaceutical exports maintained growth momentum despite global pricing pressures and trade volatilities, with shipments reaching over USD 28 billion up to February in FY26 and registering year-on-year growth of 5.6 per cent over the corresponding period in FY25. Export performance was led by formulations, biologicals, vaccines and Ayush products.
April 4, 2026
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Payroll compliance mistakes demand accurate classification, timely deductions, and automated statutory checks to prevent audits and penalties.
Payroll compliance requires accurate employee classification, timely tax deduction, and correct statutory contribution management to avoid audits, penalties, and employee disputes. Common errors include misclassifying employees and contract workers, which can cause missed PF, ESI and TDS obligations, and incorrect or delayed TDS computation arising from failed declarations, salary changes, or tax regime switches. The compliance approach relies on onboarding checks, real-time recalculation, and automated deposit scheduling to reduce errors before they enter the payroll cycle.
April 4, 2026
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Bribery allegations against a CGST officer trigger a CBI trap, arrest, and continuing investigation into corruption claims.
Bribery allegations led to a CBI trap and arrest of an Assistant Commissioner, CGST, Ratlam, after a private person or middleman allegedly demanded money for not initiating GST proceedings against the complainant's firm. The accused was caught red-handed while accepting a bribe through the middleman, with searches continuing at the accused's premises and investigation still in progress.
April 4, 2026
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Mutual fund approval process for subscribing to eligible public issues under the Income-tax Act framework clarified.
Approval is sought by a mutual fund to subscribe to an eligible issue of public companies under Schedule XV(1)(z)(ii) of the Income-tax Act, 2025, through Form 190. The form must be filed three months before the issue of eligible capital with the prescribed details and documents, including mutual fund and management particulars, scheme details, SEBI and custodian records, audited financial statements, and approval documents relating to the public company's share issue.
April 4, 2026
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Mutual fund approval for eligible public company issues depends on timely filing of Form 190.
A mutual fund must file Form 190 to seek approval for investment in the eligible issue of public companies under Schedule XV(1)(z)(ii) of the Income-tax Act, 2025. The form corresponds to the earlier Form 59A under the Income-tax Rules, 1962, and to the corresponding rule framework under the Income-tax Rules, 2026. The application is to be filed by the mutual fund itself, together with the documents specified in the form, three months before the issue of eligible capital. Approval for subscription is granted on the basis of the particulars furnished in Form 190.
April 4, 2026
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Approval for issue of eligible capital under Schedule XV depends on Form 189 details, disclosures, and supporting documents.
Form 189 is the application for approval of issue of public companies under Schedule XV(1)(z)(i) of the Income-tax Act, 2025, and is filed by the public company three months before the issue of eligible capital. The form requires company particulars, management details, bankers and auditors, issue details, project details, and supporting documents such as incorporation certificate, audited financial statements, equity details, SEBI approval and any project report. Processed Form 189 leads to approval for issue of eligible capital on the basis of the details furnished.
April 4, 2026
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Public company issue approval through Form 189 governs eligible capital issues and related deduction eligibility.
Form 189 is the prescribed application for approval of issue of public companies under Schedule XV(1)(z)(i) of the Income-tax Act, 2025. It is filed by the public company with supporting documents before the issue of eligible capital, and the approval is granted on the basis of the details furnished in the form. Individual contributions to the issue are stated to qualify for deduction under the Act.
April 4, 2026
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Consolidated approval form standardises gratuity and superannuation fund compliance, replacing rule-based particulars with structured filing.
Introduction of consolidated Form 188 standardises the approval process for Gratuity Fund and Superannuation Fund applications under Part B of Schedule XI by replacing the earlier text-based particulars in Rule 95 and Rule 109. The form is filed by trustees or an authorised person only for initial approval, and it requires details of the employer, the fund, eligible employees, account maintenance, fund status, trustee verification, and supporting documents such as the trust deed, fund rules, and accounts where applicable.
April 4, 2026
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Approval mechanism for gratuity and superannuation funds is standardised through Form 188 with structured compliance requirements.
Form 188 provides a standardised application mechanism for approval of Gratuity Funds and Superannuation Funds, replacing earlier rule-based procedural requirements. It is filed once by the trustees or an authorised person, with prescribed particulars and supporting documents such as the trust deed, fund rules, accounts, and balance sheet where applicable. The application is examined by the jurisdictional authority, which may seek clarifications and then grant approval, issue deficiency notice, or reject the application.
April 4, 2026
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Appeal against fund recognition refusal uses Form 187, with supporting documents and filing within 60 days.
Appeal against refusal to recognise or withdrawal of recognition from a recognised provident fund, and refusal to approve or withdrawal of approval from a superannuation fund or gratuity fund, is filed in Form 187 by the employer, trustee, or authorised representative within 60 days of communication of the order. The form requires appellant particulars, fund details, grounds of appeal, verification, and supporting documents such as the impugned order, original application, proof of filing, authorisation, and fee challan.
April 4, 2026
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Appeals for provident, superannuation and gratuity funds require Form 187, supporting documents and filing within 60 days.
Form 187 prescribes the appellate mechanism under the Income-tax Act, 2025 for matters concerning recognised provident funds, superannuation funds and approved gratuity funds, including appeals against orders affecting recognition, approval, withdrawal, cancellation or refusal of such status. The form is to be used by trustees, employers or other authorised persons representing the fund where an adverse order has been passed by the competent income-tax authority. Appeals must be filed within 60 days from communication of the order, and filing does not by itself operate as a stay unless specifically granted.
April 4, 2026
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Customs enforcement along the India-Nepal border led to seizure of undocumented soft drinks and air conditioners.
Customs enforcement along the India-Nepal border led to seizure of soft drinks and air conditioners being moved without valid customs documents. A vehicle carrying 1,575 bottles of soft drinks was intercepted after the driver tried to flee, while two split air conditioners transported on bicycles were also recovered in a separate patrol operation. The goods, vehicle and bicycles were handed over to the Customs Department.
April 4, 2026
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Indian pharmaceutical exports show sustained growth as formulations, biologicals, vaccines and Ayush products drive resilience.
Indian pharmaceutical exports recorded sustained growth in FY26, reaching nearly USD 29 billion by the end of February and increasing over the corresponding period in the previous financial year. The export performance was led by formulations, biologicals, vaccines and Ayush products, and was described as resilient despite global challenges, pricing pressures and trade volatility. The sector's overall value was placed at about USD 60 billion, with projected expansion to USD 130 billion by 2030.
April 4, 2026
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Recognised Provident Fund recognition process requires trust deed compliance, supporting documents, scrutiny and ongoing investment and reporting obligations.
Application under Rule 40C seeks recognition of a provident fund so it qualifies as a Recognised Provident Fund for income-tax purposes. It applies to employers, trustees and existing funds seeking recognition on formation, conversion, amendment, merger or split. The form requires trust deed details, fund rules, investment policy, financial information and supporting documents, followed by scrutiny, possible revisions, issuance of recognition and ongoing compliance with investment, audit and reporting requirements.

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Customs & Trade

Across the Country, People Unite to Celebrate the First-Ever World Diamond Day

April 8, 2026

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World Diamond Day celebrates the personal stories behind natural diamonds from heirlooms to modern milestones MUMBAI, India, April 8, 2026 /PRNewswire/ -- Jewellery has always held a deeply personal place in people's hearts, and natural diamonds remain its most powerful expression. Every natural diamond carries within it a story of love, milestones, heritage and personal triumphs. On the first-ever World Diamond Day, these stories took centre stage, as people across the country came together to celebrate the meaning and emotion behind every diamond. Launched by the Natural Diamond Council (NDC), World Diamond Day on April 8, 2026, was introduced as a global movement to recognise and celebrate the joy, passion, and community that natural diamonds inspire. Beyond their brilliance, diamonds represent memories, legacy, and the craftsmanship of a passionate industry that brings these stories to life. As a champion of the natural diamond industry, NDC led this collective celebration, encouraging people from across the industry, from artisans and manufacturers to retailers and consumers to share their authentic stories. The movement came alive on social media, with participants sharing personal moments using #WorldDiamondDay and #NaturalDiamonds, turning the day into a vibrant, global narrative. In India, the celebration reflected a compelling blend of heritage and modern aspiration, as leading diamantaires and manufacturers spotlighted the journey of a diamond from its natural origin to a finished masterpiece. The reach of World Diamond Day was supported by the active participation of the Gem and Jewellery Export Promotion Council (GJEPC India), Gemological Institute of America (GIA), All India Gem and Jewellery Domestic Council (GJC) and the Bharat Diamond Bourse, who joined the movement to celebrate natural diamonds. This collective spirit was also embraced by leading industry partners, including Venus Jewel, SRK Exports, HK Exports, KP Sanghvi, Dharmanandan Diamonds, Finestar Jewellery and Diamonds, Shivam Jewels and A.S. Motiwala. Additionally, the movement was championed by prominent thought leaders such as Richa Goyal Sikri, Archana Thani, Nitya Arora and Arundhati De Sheth, all of whom played a significant role in bringing authentic stories and personal perspectives from across the industry to the global stage. Richa Singh, Managing Director, Natural Diamond Council, said, "World Diamond Day is a platform for people to share what their diamonds truly mean to them. At a time when consumers, especially younger audiences, are looking for more meaningful ways to celebrate, this initiative offers a reason to pause and honour those moments. Natural diamonds are the perfect custodians of our memories. This day is also a reminder of why we do what we do, to bring joy, emotion, and meaning into people's lives." World Diamond Day has established itself as more than just a moment, it is a reminder of the joy behind every diamond, the passion of the industry, and the stories that connect us all. A natural diamond is not just a product, but a timeless heirloom, one that carries memories across generations and continues to shine with meaning. A dedicated toolkit is available at https://shorturl.at/R45Fv, with optional assets and guidelines. Or participants can simply post in their own voice. Worn. Given. Passed down. Never forgotten. Today, the story of natural diamonds belongs to everyone. ABOUT NATURAL DIAMOND COUNCIL (NDC) The Natural Diamond Council is a not-for-profit organization dedicated to promoting and protecting the integrity of the natural diamond industry worldwide. The NDC serves as the authoritative voice of natural diamonds, inspiring and educating consumers through compelling stories of their rarity, positive impact, and emotional value. The NDC supports the livelihoods of over 10 million people across the diamond supply chain. www.naturaldiamonds.com @onlynaturaldiamonds Photo: https://mma.prnewswire.com/media/2952038/NDC_World_Diamond_Day.jpg' alt='Embedded Media' /> (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR

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