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April 16, 2026
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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.
April 16, 2026
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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.
April 16, 2026
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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.
April 16, 2026
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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.
April 16, 2026
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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.
April 16, 2026
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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.
April 16, 2026
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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.
April 16, 2026
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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.
April 16, 2026
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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.
April 16, 2026
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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.
April 16, 2026
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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.
April 16, 2026
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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.
April 15, 2026
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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.
April 15, 2026
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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.
April 15, 2026
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Money laundering probe over alleged bank loan fraud and shell companies leads to arrests of former Reliance Group executives.
Enforcement Directorate action under the Prevention of Money Laundering Act in an alleged bank loan fraud investigation involving former senior executives of Anil Ambani-led Reliance Group companies. The case concerns alleged diversion of bank funds through Reliance Home Finance Ltd. and Reliance Commercial Finance Ltd. using shell or dummy entities, with the money laundering probe stated to stem from FIRs lodged by the Central Bureau of Investigation.
April 15, 2026
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Anti-conversion concerns and harassment allegations spur calls for nationwide protests and stricter laws.
Calls were made for nationwide protests over allegations of sexual harassment and forced religious conversion at a company office in Nashik. The allegations involved eight female employees, while a Special Investigation Team was said to have been constituted to examine the complaints. The company stated that it has a zero-tolerance policy toward harassment or coercion and that employees allegedly involved had been suspended. Broader demands were also raised for stringent anti-conversion laws at state and national levels.
April 15, 2026
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Electronics import dependence deepens as imports rise sharply and exports remain far below import levels.
Electronics imports crossed the USD 100 billion mark in 2025-26, rising to USD 116.17 billion from USD 98.65 billion in the preceding fiscal year. Electronics exports also increased to USD 48.0 billion, supported by smartphone shipments, but remained well below imports. The trade pattern was noted as indicating continued dependence on imported semiconductors, components and electronic equipment despite the manufacturing push.
April 15, 2026
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Trade uncertainty and Middle East disruption weigh on exports as imports fall and the trade deficit narrows.
Goods exports declined in March because of trade uncertainty and geopolitical tensions, with shipments to West Asia and the Middle East contracting sharply. Imports also fell, led by lower crude oil and gold shipments, narrowing the trade deficit to a nine-month low. For the full fiscal year, exports reached an all-time high, imports rose, and the trade deficit widened. Services exports stayed robust, while China emerged as India's largest trading partner.
April 15, 2026
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China becomes India's largest trading partner as bilateral trade expands and the trade deficit widens sharply.
China emerged as India's largest trading partner in 2025-26, displacing the US after four consecutive years of US leadership. Bilateral trade with China rose to USD 151.1 billion, driven by higher exports and imports, and India's trade deficit with China widened to USD 112.16 billion. Trade with the US remained significant, but export growth was modest and imports increased more sharply, reducing India's trade surplus.
April 15, 2026
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Trade disruption and export slowdown in India deepened as West Asia conflict affected shipping and import flows.
India's merchandise exports declined sharply in March amid the West Asia crisis, while imports also fell, leading to a narrower trade deficit. The fall in outbound shipments was linked to disruption in international shipping routes, higher freight and insurance costs, and reduced trade with the Middle East, particularly in goods such as gems and jewellery, rice, engineering goods, petroleum products and electronic items. Lower crude oil and gold imports also contributed to the reduced deficit.

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The latest: Rubio says major military operations against Iran over

May 6, 2026

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Washington, May 6 (AP) US Secretary of State Marco Rubio said Tuesday that major US military operations against Iran are over — but he stopped short of saying the conflict cannot be restarted. Rubio told reporters at the White House that “Operation Epic Fury” — the attack the US and Israel mounted on Iran on Feb. 28 — “is concluded” because its objectives were met.

Rubio said recent clashes with Iran related to US efforts to reopen the Strait of Hormuz were “defensive in nature.” “We're not cheering for an additional situation to occur,” he said. “We would prefer the path of peace.” He said Iran must agree to President Donald Trump's demands on its nuclear program and reopen the strait, a waterway vital to global oil and gas supplies.

US forces pressed ahead with an effort to guide commercial ships through the strait, but so far only two vessels are known to have passed through. Defence Secretary Pete Hegseth said the US prefers a peaceful effort to guide vessels out of the Persian Gulf but is ready to act if needs change.  It is unclear what will follow. Hegseth said the ceasefire reached nearly a month ago is not over. The United Arab Emirates, a key US ally, said it was defending against more Iranian strikes. A spokesman for Iran's joint military command denied striking the UAE “in recent days.” Here is the latest: Rubio says war with Iran is over, peace is still elusive   Rubio says the major US military operation against Iran is over but is stopping short of saying the conflict is over or cannot be restarted.

Speaking to reporters at the White House, Rubio said that “Operation Epic Fury” — the attack the US and Israel mounted on Iran on Feb. 28 — “is concluded” because the objectives of the mission were all successfully concluded.

“We're not cheering for an additional situation to occur,” he said. “We would prefer the path of peace.” In order for that to happen, Iran must agree to Trump's demands on its nuclear program and reopen the Strait of Hormuz, he said.

Rubio says he hopes Chinese officials talk to Iran about the strait   As Iranian Foreign Minister Abbas Araghchi prepares to visit China on Wednesday, Rubio says that he hopes Tehran's allies in Beijing reiterate the need for Iran to release its chokehold on the critical waterway as the fragile ceasefire continues.

“I hope the Chinese tell him what he needs to be told,” Rubio said. “And that is that what you are doing in the strait is causing you to be globally isolated. You're the bad guy in this.” The secretary went on to argue that China, more than the US, is suffering from Iran's actions in the strait, saying that China's export-driven economy depends on shipments going through Hormuz.

“It is in China's interest that Iran stop closing the strait,” he added.

Rubio says many countries want to help open Hormuz but some lack the ability to do so   Asked what the global appetite is for the US effort to reopen the strait, Rubio says the issue has not been a lack of interest, but that not many are able to provide the assets and resources needed.

“The capabilities is the issue. A lot of countries would love to do something about it. But they don't have a navy, right? Or they can't get there in time. ...” he said.

He said the onus is on the US.

“The primary responsibility for this Project Freedom is on the United States, because we're the only country that can project power in that part of the world,” he said. “This is a favour to the world because it's their ships that are stranded.” Rubio downplays rift between Trump and Pope Leo ahead of visit to Vatican   Rubio is downplaying the rift between President Donald Trump and Pope Leo XIV over Iran ahead of a key visit the top US diplomat will make to Vatican City this week.

Rubio told reporters at the White House on Tuesday that Trump's recent criticism of the first American pontiff was rooted in his opposition to Iran potentially obtaining a nuclear weapon, which could be used against millions of Catholics and other Christians around the world.

Trump “doesn't understand why anybody — leave aside the pope — the president and I, for that matter, I think most people, I cannot understand why anyone would think that it's a good idea for Iran to ever have a nuclear weapon,” Rubio said.

Rubio says Iran claims of not wanting a nuke are not backed up by actions   Rubio says Iranian claims of not wanting to develop nuclear weapons are belied by its actions.

Rubio said Tuesday that Iran must make a choice between war and peace, but that peace will require a convincing demonstration that the Iranian government won't attempt to pursue nuclear arms.

Rubio told reporters at the White House that Iran's development of advanced centrifuge technology, its enrichment of uranium and construction of underground bunkers made clear the government was not serious about its no-nukes pledge.

We're not attacking them': Rubio echoes message that Strait of Hormuz operation is defensive only   Rubio on Tuesday reiterated that US efforts to reopen the strait are not an offensive operation despite clashes with Iran in the last several days.

“There's no shooting unless we're shot at first, OK? We're not attacking them. We're not,” Rubio told reporters. “If they pose a threat to our forces, we'll shoot down drones, we'll shoot down missiles. But it's defensive in nature.” So far, only two merchant ships are known to have passed through the new US-guarded route, with hundreds more bottled up in the Persian Gulf. Shippers are still wary, and it's unclear whether US military action can reassure them without reigniting the conflict that began with US and Israeli strikes on Iran on Feb. 28.

US coming to aid of civilian sailors left for dead,' Rubio says   Rubio said about 23,000 civilian sailors are stranded in the Persian Gulf and “left for dead” as Iran chokes the Strait of Hormuz.

Speaking at a White House press briefing on Tuesday, he said the US military effort to guide ships through the strait aims to help those sailors.

“They're sitting ducks, they're isolated, they're starving, they're vulnerable,” Rubio said. “At least 10 sailors have already died as a result.” He said the sailors come from 87 countries and are innocent bystanders.

“It's criminal for sure, but it's desperate and destructive to block the Strait of Hormuz,” he said.

Pope Leo calls out Trump's misrepresentation of his views on Iran and nuclear weapons   Speaking to reporters Tuesday, Leo said the Catholic Church “for years has spoken out against all nuclear weapons, so there is no doubt there.” Trump again accused Leo in an interview on Tuesday of being “OK for Iran to have a nuclear weapon.” Leo has said no such thing, and Catholic Church teaching says the mere possession of nuclear weapons is “immoral.” Leo doubled down on his insistence that his call for peace and dialogue in the U.S-Israeli war in Iran is Biblically inspired.

“I've spoken from the first moment of being elected, and we're near the anniversary: I said Peace be with you,'” Leo said as he left his country house in Castel Gandolfo.

“The mission of the church is to preach the Gospel, to preach peace. If someone wants to criticise me for announcing the Gospel, let him do it with the truth,” Leo said. “And so I hope simply to be listened to about the value of the Word of God.” Italy defends Pope Leo XIV against Trump's criticism   Italy is again defending Pope Leo XIV and his call for peace and dialogue in the Iran war against President Donald Trump's latest criticism.

Foreign Minister Antonio Tajani said in a social media post on Thursday that President Donald Trump's attacks “are neither acceptable nor helpful to the cause of peace.” “I reaffirm my support for every action and word of Pope Leo; his words are a testament to dialogue, the value of human life, and freedom. This is a vision shared by our government, which is committed through diplomacy to ensuring stability and peace in all areas where conflicts exist,” Tajani wrote.

Trump on Tuesday renewed his criticism of Leo's peace message over the Iran war and warned Leo was “endangering a lot of Catholics and a lot of people.” Trump's criticism, in an interview with conservative commentator Hugh Hewitt, came even as his secretary of state, Marco Rubio, prepares to visit Italy and the Vatican ostensibly to ease tensions with Washington.

Rubio is due to meet with Leo on Thursday and is due to see Tajani and Premier Giorgia Meloni on Friday.

Trump offers an optimistic take on China's position on Iran   The president in an exchange with reporters said that China hasn't “challenged” him as he continues to press Iran, even as Beijing has repeatedly criticised the US and Israel military action against Iran.

“You know, in all fairness, he gets, like, 60 per cent of his oil from (the Strait of) Hormuz,” Trump said of President Xi Jinping.

China, in fact, imported about half its crude oil and almost one-third of its liquefied natural gas from the Middle East, according to China's General Administration of Customs.

Trump offered a more measured take than Treasury Secretary Scott Bessent, who a day earlier said the administration wants to see Beijing “step up” and pressure Iran to open the strait. Bessent in an interview with Fox News said Iran would be high on Trump's agenda when he travels to Beijing next week for a summit with Xi.

Pakistan military urges restraint as US-Iran tensions rise   Pakistan's top military leadership on Tuesday urged restraint to help ease rising tensions between the United States and Iran.

The call came during a Corps Commanders Conference chaired by Army Chief Field Marshal Asim Munir.

Munir, since last month, has been in contact with the US and Iranian officials as part of Pakistan's efforts to end the conflict.

In a statement, the military said participants reviewed the evolving security environment amid Pakistan's outreach to Washington and Tehran, adding that lasting peace depends on collective restraint, responsibility and respect for sovereignty.

JD Vance woos Republican voters, including farmers who want the war to end   Vice President JD Vance heads to Iowa on Tuesday, his first visit since taking office, to the state where Republicans in less than two years will cast the initial votes to pick their party's next presidential nominee.

Seen as one of the GOP's strongest potential candidates for president in 2028, Vance stopped first in Cincinnati to vote in the primary, saying he picked Vivek Ramaswamy for governor. He's also holding a fundraiser in Oklahoma City as finance chair of the Republican National Committee.

Higher prices for gas and fertiliser, and Trump's tariffs have been hitting voters hard, and Vance's political prospects are complicated by the war in Iran. Vance has seemed a reluctant defender of the 9-week-old war, for which Trump has struggled to find an off-ramp.

Iowa's farmers have steadfastly supported the president, but they've been looking for assurances that the troubles won't last.

Rubio to brief at White House with press secretary on maternity leave   The secretary of state is putting on yet another Trump administration hat — White House spokesperson.

Rubio is scheduled to fill in on Tuesday for White House press secretary Karoline Leavitt, who is on leave awaiting the birth of her second child. His briefing is scheduled for 3 p.m. EDT.

The nation's top diplomat already doubles as Trump's national security adviser and for a while was the acting archivist of the United States and the acting administrator of the US Agency for International Development.

His last formal briefing for reporters was at the State Department briefing room in December.

Scuttlebutt around the White House has been that Rubio will be among a handful of high-level administration officials leading the press briefings while Leavitt is away.

Proposed UN resolution demands Iran halt attacks on ships in Strait of Hormuz and stop `illegal tolls'   The proposed Security Council resolution, co-sponsored by the United States and Gulf nations, threatens Iran with sanctions or other measures if it doesn't restore freedom of navigation and immediately disclose where sea mines have been placed in and around the vital waterway.

The draft, obtained Tuesday by The Associated Press, also demands that Iran “immediately participate in and enable the United Nations efforts to establish a humanitarian corridor in the strait” to enable vital aid, fertiliser, and other goods to transit.

The proposed resolution was drafted under Chapter 7 of the U.N. Charter, which can be enforced militarily. It threatens “effective measures that are commensurate with the gravity of the situation, including sanctions” if Iran doesn't comply.

A previous resolution aimed at opening the Strait of Hormuz, where about 20 per cent of the world's crude oil had transited, was vetoed by Russia and China.

Former military officers say reopening the strait remains a daunting task   Former military officers who have served on the Strait of Hormuz have said opening it would be dangerous and highly challenging, even with military escorts, which the US isn't providing now.

There's little room to manoeuvre in the narrow waterway, and Iran can reach all of the strait and its approaches with anti-ship cruise missiles. It also can target vessels with longer-range missiles, drones, fast attack craft and naval mines.

Experts say reducing the threat would involve targeting offensive installations on the ground inside Iran and having constant surveillance and patrols.

Insurance broker says it's too early to know how the US military effort will affect shipping through the strait  Marcus Baker, global head of marine, cargo and logistics for insurance broker and risk adviser Marsh Risk, said it would take a few days to see how the insurance market reacts.

“We just have to see what happens, whether the Iranians keep the peace, whether the Americans keep the peace, and exactly what that's going mean for shipping,” he said.

“There's rhetoric from both sides on this, and we've just got to be mindful of that,” he added. But he said, “anything that starts to increase certainty around safety has got to be a good thing.” One of the world's largest container shipping companies says Hormuz transits not yet possible   “At this point in time our risk assessment remains unchanged,” the Hamburg, Germany-based shipping company Hapag-Lloyd AG said in a statement. “Transits through the Strait of Hormuz are for the moment not possible for our ships.” UAE is under Iranian attack again, the defence ministry says   The United Arab Emirates is “actively engaging” with missile and drone attacks from Iran, the country's defence ministry said on X Tuesday evening.

It said sounds heard in parts of the Gulf federation are related to the interception of ballistic missiles, cruise missiles and drones.

Death toll in Lebanon reaches 2,702 since Israel-Hezbollah war began   The Health Ministry in Beirut said Tuesday that 8,311 people were wounded during the same period.

The latest Israel-Hezbollah war started on March 2, when Hezbollah fired rockets into Israel following the US and Israel's attacks on Iran.

A ceasefire has been in place since April 17, but both Israel and Hezbollah have been carrying out daily attacks since then. (AP) AMJ AMJ

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