India-US partnership gains momentum as diplomatic talks continue alongside bilateral trade agreement negotiations.
Indian Ambassador Vinay Mohan Kwatra discussed issues of mutual interest with Congressman Pete Sessions and appreciated his support for a stronger India-US partnership. The meeting formed part of ongoing diplomatic engagement as India and the US negotiated the finer elements of a bilateral trade agreement, following earlier finalisation of a framework for the first phase.

Interest recomputation under GSTR-3B allows correction of auto-calculated delayed-filing interest through the GST Portal.
GST Portal auto-calculates interest on delayed filing of GSTR-3B and auto-populates it in Table 5.1 of the subsequent return, with the breakup available in the system-generated GSTR-3B PDF. If the interest has been computed incorrectly without giving benefit of the minimum cash balance in the Electronic Cash Ledger under the proviso to Rule 88B(1) of the CGST Rules, 2017, taxpayers may use the "RE-COMPUTE INTEREST" option in Table 5.1. The revised interest then appears in the updated PDF and should be manually entered in Table 5.1, not below the recomputed amount.

Regulatory capacity building for IFSC officers through training on corporate laws, securities regulation, and cross-border financial frameworks.
An induction training programme was commenced for Assistant Managers of the International Financial Services Centres Authority under the Memorandum of Understanding between IFSCA and the Indian Institute of Corporate Affairs. The collaboration is aimed at strengthening India's international financial services ecosystem through capacity building, policy research, and knowledge partnership, with the programme serving as an operational step in that arrangement. The training is designed to equip IFSCA officers with a working understanding of corporate laws, governance frameworks, financial regulations, cross-border transactions, securities regulation, corporate finance, financial reporting, cross-border insolvency, and IFSC-specific regulatory frameworks.

Companies incorporation reform streamlines filings, simplifies compliance, and modernises electronic communication under the proposed amendment rules.
Public consultation has been invited on proposed amendments to the Companies (Incorporation) Rules, 2014 to streamline incorporation, reduce repetitive compliance, rationalise KYC and documentation, modernise communication methods, and align the filing framework with Ease of Doing Business objectives. The draft also proposes consolidation of multiple forms into simplified e-forms, simplified name reservation rules, revised registered office documentation and verification requirements, updated procedures for shifting registered office, expanded DIN allotment at incorporation, and more flexible integrated registration under AGILE-PRO-S.

Bail condition modification in a money-laundering case allowed travel permissions and monthly attendance exemption.
A Delhi court permitted a money-laundering accused to travel to several States for religious purposes and modified a bail condition requiring monthly appearance before the investigating officer. The accused sought relaxation on the grounds that the investigation was complete, his health had deteriorated and his passport was already deposited in another PMLA matter. The court rejected a jurisdictional objection, held that it retained authority to modify the conditions, and left the remaining bail terms intact.

Sexual harassment and forcible conversion allegations lead to police custody, investigation, and victim identity protection warnings.
Two accused in a case concerning alleged sexual harassment and forcible religious conversion at a TCS unit in Nashik were remanded in police custody for further investigation. The accused were booked under Bharatiya Nyaya Sanhita provisions relating to outraging a woman's modesty, sexual harassment, and acts intended to insult a woman's modesty.

Money laundering probe over alleged loan diversion and shell companies leads to ED custody for former executives.
Former senior executives of Reliance Anil Ambani Group were sent to five days' ED custody in a money laundering investigation arising from alleged bank loan fraud involving Reliance Home Finance Limited and Reliance Commercial Finance Ltd. The Enforcement Directorate alleged that loan funds were diverted to shell companies controlled by the group and that digital evidence, including emails, indicated the role of the arrested accused in siphoning and diverting funds. The order referred to emails and other digital material as showing participation by both accused in funding decisions and movement of loan proceeds.

Fraud classification of bank accounts challenged over forensic audit validity, RBI guidelines, and show cause notices.
Banks' proceedings to classify bank accounts as fraud were challenged on the basis that the underlying forensic audit was allegedly defective, the audit firm lacked qualification, and the banks' notices were said to violate mandatory RBI guidelines. The dispute concerned interim protection granted by a single judge against present and future action by the banks, followed by the division bench setting aside that protection. The Supreme Court declined to interfere with the division bench order, clarified that its observations would not affect the pending suit, and requested expeditious disposal of the challenge to the show cause notices.

Special Economic Zone reforms support semiconductor manufacturing, with Dholera notified for India's first chip fabrication plant.
Government has notified a Special Economic Zone to be established by M/s. Tata Semiconductor Manufacturing Private Limited at Dholera, Gujarat, exclusively for electronic hardware and software, including IT/ITES. The project is described as India's first chip fabrication plant and is set over 66.166 hectares with projected employment of 21,000 persons. The SEZ is intended to support semiconductor and electronics manufacturing through enabling infrastructure and a dedicated approval mechanism designed to streamline operations and logistics. The notification forms part of wider SEZ reforms that reduced land requirements, relaxed encumbrance norms, included free-of-cost supplies in Net Foreign Exchange calculations, and permitted domestic sales in the Domestic Tariff Area on payment of applicable duties.

Apricot export expansion boosts Ladakh farmers through international market access, value addition and reduced post-harvest losses.
Ladakh Administration signed an MoU with Lulu Retail, through APEDA and the Ministry of Food Processing Industries, to export at least 1,000 tonnes of Ladakhi apricots this season. The exporter will procure, pluck, sort, process, package, transport and market the produce in international markets while preserving the identity of Ladakh-origin apricots. The initiative is aimed at reducing post-harvest losses, improving value addition and providing farmers better pricing and direct market access.

Asia growth outlook stays resilient as the IMF warns an energy shock may fuel inflation and tighten policy space.
Asia is projected to remain the main driver of global growth, with India and China contributing about 70 per cent of regional expansion. Growth in the region, after reaching about 5 per cent in 2025 despite US tariffs and trade uncertainty, is expected to moderate in 2026 and 2027. The IMF warned that the Gulf crisis energy shock could raise inflation, weaken external balances, tighten financial conditions and narrow policy space, requiring agile monetary policy.

Sustainable in-house glass bottling solutions support premium hospitality operations through training, hygiene compliance and plastic reduction.
Export order for sustainable in-house glass bottled water solutions was secured by PBP EcoAqua from a Kenyan hospitality group for premium hotel operations. The arrangement includes automated glass bottling and water treatment systems, together with installation, technical training, operational familiarisation and dispatch planning. The project emphasises hygiene compliance, operational efficiency and sustainability performance benchmarks, and is intended to reduce dependence on single-use plastic bottles through reusable glass packaging and safe, premium drinking water services.

Bribery and corruption under the Prevention of Corruption Act in a tax refund processing case
A senior Income Tax department employee was prosecuted in a bribery matter for allegedly demanding money to process a TDS refund arising from acquisition-related compensation. The case was tried as a corruption prosecution under the Prevention of Corruption Act, with the anti-corruption agency brought in after the complainant approached it. Trial evidence included examination of ten witnesses.

China's first-quarter GDP growth reflects stronger supply, improved demand and resilience despite external geopolitical and trade pressures.
China's economy recorded five per cent growth in the first quarter, with GDP reaching 33.4 trillion yuan and growth accelerating from the previous quarter despite external fallout from the US-Israel war and wider geopolitical and trade uncertainties. The National Bureau of Statistics described the opening of the 15th Five-Year Plan period as a strong start, noting improved production and supply, firmer market demand, generally stable employment, moderately higher prices and continued progress in high-quality development.

AML/CFT cooperation expands as FIU-India and pension regulator deepen information sharing, training, risk monitoring, and compliance oversight.
Financial Intelligence Unit-India and the Pension Fund Regulatory and Development Authority entered into a Memorandum of Understanding to strengthen coordination for combating money laundering and financial crimes through enhanced information sharing, joint outreach and training, and closer supervisory cooperation. The arrangement is directed towards improving AML/CFT capabilities among entities regulated by the pension regulator and aligning cooperation with applicable international standards, including exchange of information through Egmont Principles with foreign FIUs. It also provides for quarterly meetings, nodal officers, assessment of ML/TF risks, red flag indicators, and monitoring of compliance with PMLA, the PML Rules, and PFRDA guidelines.

Money laundering coordination through FIU-IND and SEBI MoU strengthens intelligence sharing, AML/CFT training, and compliance monitoring.
Financial Intelligence Unit-India and the Securities and Exchange Board of India entered into a Memorandum of Understanding to strengthen coordination in the prevention of money laundering and financial crimes. The arrangement provides for sharing of relevant intelligence and information, reporting procedures under the PML Rules, exchange with foreign FIUs, outreach and training on AML/CFT capabilities, periodic meetings, risk assessment, red flag indicators, and supervision of compliance with obligations under the PMLA, PML Rules, and SEBI guidelines.

Digital insurance servicing expands as LIC launches customer and intermediary apps for paperless policy management and sales support.
LIC launched the MyLIC customer app and Super Sales Saathi intermediary app as part of its digital transformation initiative. MyLIC consolidates policy servicing, claims support, payments, documentation, and customer engagement, while also enabling portfolio management, premium payment, policy updates, online revival of lapsed policies, paperless loans, online purchase of policies, and paperless e-KYC. Super Sales Saathi provides digital sales tools, policy status tracking, automated follow-ups, customer communication, AI-driven nudges, sales kits, and performance dashboards.

Naval blockade enforcement against Iranian ports creates maritime uncertainty, inspection risks, and exceptions for humanitarian shipments.
US naval blockade of Iranian coastal areas and ports has been fully implemented, extending beyond the Strait of Hormuz into the Gulf of Oman and the Arabian Sea. It applies to vessels entering or leaving Iranian ports and coastal areas, while non-Iran-bound vessels retain freedom of navigation. Humanitarian shipments including food and medical supplies essential for civilian survival are permitted subject to inspection, and neutral ships may pass but remain liable to inspection. The blockade has created uncertainty because enforcement may occur after vessels clear the strait, and AIS manipulation further complicates maritime monitoring.

Centre of Excellence advances artificial intelligence, cybersecurity and digital skills through new training and innovation initiatives.
A state-of-the-art Centre of Excellence was inaugurated at Maharana Pratap Institute of Technology in Eastern Uttar Pradesh with support from TCS Foundation. The centre is intended to serve technological and educational needs in the region and is positioned as a platform for youth, farmers and women across Eastern Uttar Pradesh and adjoining areas. It will focus on artificial intelligence, machine learning, data science, cybersecurity, space technology and 3D printing.

Forgery of identity and immigration documents alleged in illegal stay case involving fake Aadhaar and border-entry violations.
Forgery of identity and immigration documents alleged in the context of illegal stay in India. A Bangladesh-origin woman was apprehended during a verification drive after police found that she was allegedly residing in India using a fake Aadhaar card and other forged or suspect identity documents, including a Bangladesh identity card and a photocopy of a citizenship certificate. Investigators stated that she had entered India illegally with the assistance of an acquaintance and had prepared forged documents to conceal her identity.