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    Kimberley Process Intersessional 2026 Concludes in Mumbai Under India’s Chairship with Focus on Future of Natural Diamond Sector
    Exports clock 5-month high growth of 13.48 pc in April; trade deficit widens to three-month high
    India's forex reserves jump by USD 6.295 bln to USD 696.988 bln
    I-T department enables online filing of ITR-1, ITR-4
    From Pilibhit’s Flutes to Global Trade: Union Minister Shri Jitin Prasada ji Highlights India’s Packaging Vision at IIP Diamond Jubilee Celebratio...
    Rupee hits record low of 96.14/USD, settles at fresh closing low of 95.86/USD
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    Commerce & Industry Minister, Shri Piyush Goyal and Fisheries Minister Shri Rajiv Ranjan Singh Hold High-Level Meeting to Accelerate Seafood Sector Gr...
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May 15, 2026
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Credibility, compliance and consumer confidence drive Kimberley Process reforms for the natural diamond trade.
The Kimberley Process Intersessional Meeting 2026 concluded in Mumbai under India's Chairship with a focus on advancing Credibility, Compliance and Consumer Confidence in the natural diamond sector. Working Groups and Committees discussed monitoring, technical processes, governance, statistics and artisanal production, with emphasis on transparency, operational mechanisms and trust across the natural diamond value chain. The Kimberley Process Certification Scheme is described as a global initiative aimed at preventing conflict diamonds from entering legitimate trade and promoting responsible sourcing.
May 15, 2026
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Export growth and widening trade deficit shape India's April trade picture amid stronger imports and export support measures.
Exports rose in April at the fastest pace in five months, led by petroleum products, electronic goods and other major sectors, while trade deficit widened as imports climbed to a six-month high. Services exports also improved year on year, and the discussion noted that rupee depreciation, domestic-currency settlement efforts, export promotion measures and free trade agreements were expected to support future export growth.
May 15, 2026
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Foreign exchange reserves rise as gains in foreign currency assets, gold reserves and SDRs improve the overall position.
India's foreign exchange reserves increased during the reporting week, driven by gains in foreign currency assets and a sharp rise in gold reserves. The reserve position also showed marginal increases in Special Drawing Rights and the IMF reserve tranche position, while remaining below the earlier all-time high reached before the West Asia crisis and related rupee pressure.
May 15, 2026
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Income tax return filing enables online access for ITR-1 and ITR-4, with eligibility and deadlines clarified.
Online filing and Excel utility access were enabled on the e-Filing portal for ITR-1 (Sahaj) and ITR-4 (Sugam) for the assessment year 2026-27, allowing taxpayers to begin return filing for income earned during the relevant financial year. ITR-1 remains available to resident individuals within the prescribed income and source-income limits, while ITR-4 applies to eligible individuals, HUFs and firms other than LLPs having income from business or profession. The filing deadlines for ITR-1 and ITR-4 are also noted.
May 15, 2026
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Packaging innovation and sustainability drive India's export competitiveness, manufacturing growth and global market positioning.
Packaging innovation, sustainability and quality assurance were emphasized as central to India's export competitiveness, manufacturing growth and global market positioning at the Indian Institute of Packaging's Diamond Jubilee celebrations. The institute's six-decade contribution to scientific packaging, education, research, skill development and industrial advancement was highlighted alongside its role in promoting future-ready and environmentally responsible packaging aligned with the vision of Viksit Bharat.
May 15, 2026
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Rupee depreciation deepens as crude oil, inflation fears and dollar strength pressure the currency despite likely intervention.
The Indian rupee fell to a record intraday low and closed at a fresh all-time low against the US dollar, pressured by elevated crude oil prices, inflation concerns, a stronger dollar, weak net FDI inflows and broader capital flow weakness. Market participants said likely RBI intervention helped cushion the decline, while exports, imports, foreign investor flows and the trade deficit were also noted as relevant market factors.
May 15, 2026
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Sugar export ban sparks concern over domestic price crash, factory debt and weaker farmer payments.
A sudden ban on sugar exports until 30 September was criticised as likely to depress domestic sugar prices, strain factory finances and affect cane cultivators. Industry representatives said the restriction could make it harder to meet Fair and Remunerative Price dues, unsettle export relationships and weaken the sugar sector unless accompanied by greater sugar-based ethanol procurement and higher ethanol blending in petrol.
May 15, 2026
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Merchandise trade growth in India as exports and imports rise in April, while West Asia trade contracts sharply.
India's merchandise trade recorded higher export and import values in April, with exports rising by 13.78 per cent to USD 43.56 billion and imports increasing by 10 per cent to USD 71.94 billion. The trade deficit for the month stood at USD 28.38 billion. Exports to West Asia declined by 28 per cent, while imports from the region fell by 31.64 per cent, reflecting a regional contraction in both outbound and inbound trade flows.
May 15, 2026
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Revenue mobilisation and AI-driven GST scrutiny shape Andhra Pradesh's plan to strengthen collections and plug leakages.
Andhra Pradesh has set an own-revenue target for 2026-27 and directed revenue-generating departments to strengthen collections through technology-driven systems, tighter monitoring and efforts to plug leakages. The administration has called for AI-driven GST scrutiny, enhanced analytics and other advanced tools to identify revenue leakages and improve compliance without harassing taxpayers.
May 15, 2026
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Cross-border cultural exchange deepens China-Vietnam border friendship through sports, heritage, reading and folk traditions.
Cross-border cultural and community exchange activities were organised in Baise, Guangxi, to strengthen people-to-people connectivity, cultural mutual learning and neighbourly relations along the China-Vietnam border. The programme combined sports, intangible cultural heritage, reading, music and folk customs, including football and basketball friendlies, folk art exchanges, youth reading activities and border dwellers' cultural events. Baise stated that it would continue regular cross-border cultural and sports interactions to develop border exchange brands and sustain cultural coexistence and friendly cooperation.
May 15, 2026
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Advance Authorisation gold import cap tightened as rupee weakens under oil, dollar and geopolitical pressure.
The rupee weakened in early trade amid pressure from elevated crude oil prices, a strong dollar and geopolitical uncertainty. Separately, the government tightened the Advance Authorisation framework for gold imports by imposing a 100 kg cap and strengthening issuance and monitoring conditions, while the scheme continues to allow duty-free import of inputs used in export products.
May 15, 2026
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Seafood export strategy strengthened through value addition, SPS compliance, MSME support and sustainable fisheries development.
India's seafood export strategy is to be advanced through a coordinated framework focused on value addition, infrastructure development, product diversification, quality assurance, market expansion, deep-sea fishing and wider stakeholder participation. A proposed Production Linked Incentive framework for seafood MSMEs is intended to strengthen international competitiveness, encourage technology adoption, support research and development, and expand export-oriented infrastructure. The initiative also emphasises tuna sector development, SPS compliance, traceability, laboratory upgrades, trade delegations and sustainable fisheries measures.
May 15, 2026
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India-Africa economic partnership expands through trade, technology and manufacturing cooperation, with focus on supply chains and diversified growth.
India-Africa Business Dialogue and Exhibition was presented as a platform to deepen economic and strategic engagement between India and African nations through trade, investment, technology partnerships and people-to-people cooperation. The cooperation agenda was stated to extend beyond traditional raw material trade towards higher-value manufacturing, integrated value chains, diversified supply chains and local production, with key sectors identified as agriculture and food processing, digital public infrastructure, healthcare and pharmaceuticals, renewable energy, critical minerals, electric mobility, manufacturing, defence production, digitalization and telecommunications.
May 14, 2026
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Money laundering probe over online gaming platform alleged BOT-based play, user losses, and laundering through investments and properties.
Enforcement action under the Prevention of Money Laundering Act involved searches at an online gaming platform and its founders, leading to freezing of bank and payment gateway deposits and seizure of jewellery, bullion and cash. The probe alleged that the platform hosted real-money rummy games, collected commission on wagering amounts, and used BOTs without users' knowledge or consent. It also alleged laundering of the alleged proceeds through foreign investments, dividends, mutual funds, bonds, and property investments.
May 14, 2026
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Sugar export prohibition imposed to protect domestic availability, preserve stocks, and contain rising prices.
India has amended the export policy for sugar, including raw sugar, white sugar and refined sugar, from restricted to prohibited with immediate effect until 30 September 2026 or further orders, whichever is earlier, to improve domestic availability and contain prices. The restriction does not apply to exports to the European Union and the United States under the CXL and Tariff Rate Quota arrangements, or to shipments under advance authorisation, government-to-government exports, and consignments already in the physical export pipeline.
May 14, 2026
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Rupee pressure from strong dollar and crude price surge as traders watch inflows, RBI support and inflation concerns.
The rupee weakened to a fresh all-time low against the US dollar before closing marginally higher, with pressure from a firm dollar, elevated crude prices, inflation worries and disruptions to crude imports linked to the West Asia crisis and the Strait of Hormuz blockade. Traders also cited foreign fund outflows, possible tax reductions for foreign investors, RBI intervention and higher import duty on gold and silver as factors that could influence rupee support and near-term range.
May 14, 2026
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Advance Authorisation scheme now caps gold imports, with stricter verification, export obligation conditions, and reporting requirements.
Gold imports under the Advance Authorisation scheme have been capped at a maximum remissible quantity of 100 kilograms. The scheme continues to permit duty-free import of inputs used in export production, including raw materials and other consumables, but the issuance of authorisation for gold imports is now subject to tighter control. First-time applicants face mandatory physical inspection, subsequent authorisations depend on 50 per cent export obligation fulfilment, and holders must file fortnightly certified performance reports.
May 14, 2026
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Trade resilience and democratic legacy shape India's development narrative amid global tensions and tariff pressures.
India's trade and economic resilience was linked to adverse global geopolitical and tariff conditions, with reference to trade agreements signed with 38 countries and their impact on international commerce. The address also recalled India's nuclear tests under sanctions, Bhairon Singh Shekhawat's grassroots political legacy, his support for democratic values, and his early advocacy of simultaneous elections, along with his Antyodaya-oriented concern for the poorest sections and development-focused politics.
May 14, 2026
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Taiwan and trade tensions shape China-US talks as both sides address energy security and Iran's nuclear issue.
China and the United States discussed Taiwan, trade, energy security and the Iran conflict, while signalling a new vision for a constructive and strategically stable bilateral relationship. The Chinese president warned that mishandling Taiwan could lead to clashes and conflicts and urged caution to preserve overall stability. The leaders also discussed wider market access, Chinese investment, agricultural purchases, fentanyl precursor controls, and keeping the Strait of Hormuz open while opposing Iran's acquisition of nuclear weapons.
May 14, 2026
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FD-backed business credit card offers dedicated spending limits, forex savings, rewards and cash-flow support for entrepreneurs.
IDFC FIRST Bank launched an FD-backed Business Multiplier Metal Credit Card for founders, entrepreneurs and business owners, designed for business spending and cash-flow management. The card provides a dedicated business credit limit linked to a fixed deposit, helping separate business and personal expenses while covering office supplies, digital marketing, SaaS subscriptions, travel, equipment purchases, inventory procurement, vendor payments and employee reimbursements. It also offers interest-free credit, 0% forex markup, rewards, UPI payments, lounge access, trip cancellation cover and employee card controls.

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Customs, DGFT & SEZ

EU Includes India in Revised Draft List for Continued Export of Aquaculture Products to European Market from September 2026

May 14, 2026

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EU Emerges as India’s Third-Largest Seafood Export Market in 2025–26; Exports Rise Over 41 Per Cent in Value Terms

MPEDA and EIC Efforts on Regulatory Compliance and Responsible Aquaculture Practices Receive Recognition in EU Draft List Revision

National Residue Control Programme, Rigorous Testing and Surveillance Systems Strengthen India’s Food Safety and Residue Monitoring Framework

India has been included in the revised draft list published by the European Union on 12 May 2026 for continued export of aquaculture products to the EU market, addressing concerns arising from the earlier omission in Implementing Regulation (EU) 2024/2598 issued on 4 October 2024. The earlier regulation had not included India among third countries authorised to export products of animal origin intended for human consumption to the EU from September 2026.

The revised draft list follows compliance measures undertaken by India in line with the European Commission Delegated Regulation (EU) 2023/905, which requires exporting countries to ensure that animals and animal products exported to the EU are free from the use of antimicrobial medicinal products for growth promotion and antimicrobials reserved for human treatment.

The European Commission, in its press communication dated 12 May 2026, stated that the updated list includes countries that have demonstrated compliance with EU restrictions on antimicrobial use in food-producing animals and have provided the necessary guarantees and assurances under EU regulations.

India’s proposed inclusion is a major positive development for the country’s seafood export sector and reflects the European Union’s confidence in India’s regulatory systems, residue monitoring mechanisms and food safety standards. Once formally adopted by the European Commission, the revised regulation is expected to ensure uninterrupted export of Indian aquaculture products to the EU market beyond September 2026.

The European Union is one of the key destinations for Indian seafood exports. During 2025–26, the EU emerged as the third-largest market for Indian seafood exports, accounting for 18.94 per cent of total export value, worth US$ 1.593 billion. Exports to the EU recorded significant growth over 2024–25, with export value rising by 41.45 per cent and quantity by 38.29 per cent. Farmed shrimp continued to constitute the major share of exports to the region.

The development also recognises sustained efforts undertaken by the Department of Commerce through organisations such as the Marine Products Export Development Authority (MPEDA) and the Export Inspection Council (EIC) to strengthen regulatory compliance and promote responsible aquaculture practices.

Initiatives including the National Residue Control Programme (NRCP), Post Harvest Testing Programme, rigorous testing and surveillance systems for banned antibiotics and pharmacologically active substances, as well as stakeholder training and awareness programmes, have significantly strengthened India’s food safety and residue monitoring framework.

India has consistently enhanced its systems relating to veterinary medicinal products, antimicrobial residues, traceability and quality assurance in aquaculture production and seafood processing. The proposed inclusion is viewed as a positive outcome of continued technical engagement and regulatory cooperation between India and the European Union, and is expected to support export growth, employment generation and foreign exchange earnings from the seafood sector.

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