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    Gold imports jump 82 pc to USD 5.62 bn in April; silver by 157 pc
    Total exports (merchandise & services) during April 2026 is estimated at US$ 80.80 Billion, as compared to US$ 71.13 Billion during April 2025, an est...
    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
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    From Pilibhit’s Flutes to Global Trade: Union Minister Shri Jitin Prasada ji Highlights India’s Packaging Vision at IIP Diamond Jubilee Celebratio...
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May 15, 2026
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Gold and silver import surge meets higher customs duty as precious metal inflows weigh on trade balance and current account.
Gold and silver imports rose sharply in April, with gold reaching USD 5.62 billion and silver USD 411 million, while higher customs duty on precious metals is expected to reduce imports. The article notes that the UAE CEPA tariff rate quota for gold bullion had limited impact on overall imports, with Switzerland remaining the largest source of gold and imports continuing to affect the trade and current account deficit.
May 15, 2026
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Trade growth in April 2026 as merchandise and services exports rise while the overall trade deficit narrows.
India's external trade for April 2026 is estimated to have recorded higher overall activity, with total exports of merchandise and services showing growth over April 2025 and total imports also rising. The trade balance remained in deficit, though the gap was smaller than in the corresponding month of the previous year. Merchandise exports increased over April 2025, supported by stronger shipments in petroleum products, electronic goods, engineering goods, meat, dairy and poultry products, and drugs and pharmaceuticals. Services exports were also estimated to have increased, while services imports were marginally lower than the previous year.
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
Show AI Summary
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
Show AI Summary
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.

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Customs & Trade

Europe faces stray Ukrainian drones as Kyiv targets Russian oil exports

May 21, 2026

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Kyiv, May 21 (AP) Over the past months, Ukrainian drones have crashed into the chimney of a power plant in Estonia, hit empty fuel tanks in Latvia and been shot down by Romanian fighter jets stationed in Lithuania.

For the first time in a NATO and European Union capital, Lithuanians were pictured sheltering in underground car parks in Vilnius on Wednesday, as authorities warned of unidentified drone activity.

No one has died or been injured recently, but the increasing airspace incursions have prompted some Baltic ministers to chastise Ukraine for the violations. In Latvia, officials' handling of the stray drones led to a political crisis that triggered the collapse of the government earlier this month.

Ukraine has ramped up attacks on Baltic Sea ports used for Russian energy exports in an attempt to hit Moscow's war chest as US President Donald Trump's war in Iran has driven up the price of oil, a key revenue stream for the Kremlin.

As Ukraine's drones have snaked up north, they have skirted the borders of NATO members Latvia, Lithuania, Estonia and Finland. Some of them were not detected before they crashed and landed in some of the Baltic states.

Ukrainian officials apologised and said the drones were aimed at military targets inside Russia but were sent off course by Russian electronic interference.

The string of airspace violations has prompted questions about the state of air defences on NATO's eastern flank.

Ukraine is targeting Russian ports on the Baltic Sea ----------------------------------------------------------- Ukraine's intensifying attacks against Russia have focused on arms factories, ports on the Baltic Sea and energy facilities as the war in Iran has boosted oil prices.

It has particularly targeted the ports of Ust-Luga and Primorsk, close to the borders of Estonia and Finland. Russia uses the ports to load up ships taking its oil exports through the Baltic Sea.

During one attack in May, which set part of the port of Primorsk on fire, more than 60 Ukrainian drones were shot down, Leningrad region governor Alexander Drozdenko said.

After stray Ukrainian drones entered Latvian airspace on May 7, the country's Defence Minister Andris Spruds resigned, leading Prime Minister Evika Silina to also quit days later because she was left without a majority in the coalition government.

On May 19, a Romanian fighter jet based in Lithuania shot down a Ukrainian drone over southern Estonia. Estonian Defence Minister Hanno Pevkur said it was likely aimed at targets in Russia and that he told Ukraine to send its drones “as far from NATO territory as possible.” On Wednesday, NATO fighter jets escorted an unidentified drone which crossed into Lithuania, prompting a red alert urging citizens to take cover around the capital Vilnius, Lithuania's defence ministry said. Contact with the drone was lost, and the military was searching for it, the ministry said.

Russian electronic interference sends drones off course ---------------------------------------------------------------- Since Russia's 2022 invasion of Ukraine, Nordic and Baltic nations have increasingly warned about electronic interference from Russia disrupting communications with planes, ships and drones.

In the Baltic region, Russia often uses jamming and spoofing to send drones off course.

Satellite communications systems — known collectively as the Global Navigation Satellite System, or GNSS — receive precise time signals from satellites around 20,000 kilometres (12,400 miles) away in space. A smartphone, car, marine or aircraft navigation system compares how long it takes to receive signals from several different satellites to calculate an exact location.

Jamming occurs when a receiver is overwhelmed by a strong radio signal transmitted in the same frequency range as GNSS and other satellite navigation signals, leaving the receiver unable to fix its location or time. Spoofing involves transmitting fake signals that imitate a real GNSS satellite signal, commonly known as GPS, to mislead a phone, ship, or aircraft into thinking it is in a different place.

Lithuanian Foreign Minister Kestutis Budrys said Tuesday that Russia is “deliberately” redirecting Ukrainian drones into Baltic airspace with electronic interference.

Drones have been entering Baltic airspace for many months --------------------------------------------------------------------- In September 2025, about 20 Russian drones flew into Poland, putting the spotlight on holes in NATO's air defences, as multimillion-dollar jets were scrambled. Those drones were not detected in advance, Estonia's defence minister said at the time.

Neither was a Ukrainian military drone which crashed with explosives in Lithuania last week, Vilmantas Vitkauskas, chief of Lithuania's National Crisis Management Centre, said on Sunday.

While Poland and Romania responded to the drone incursions last year by deploying new anti-drone technology — the first used by the NATO alliance aimed specifically at countering drones — that system is not in place across the entire Baltic region.

Defending against drones requires solving a complex set of technological, financial and bureaucratic problems and "there is no one solution against every type of drone,” Colonel Janno Mark of the Estonian Defence Forces said.

Tackling various types of drones operating at different speeds and altitudes requires a layered air defence response, Mark said during military exercises in southeastern Estonia.

Budrys, the Lithuanian foreign minister, told AP in an interview Saturday that the Baltic countries are likely going to have to continue to counter incursions from Ukrainian drones as Kyiv now has the capability to reach targets “deep in Russia” as well as ports on the Baltic Sea. The way to counter those drones, he said, is actually with Ukraine's help, as the most effective anti-drone systems have been developed in the country.

Ukraine denies claims it is preparing attacks from the Baltics --------------------------------------------------------------------- Writing on X, Budrys accused Moscow of “waging smear campaigns” after Russia's Foreign Intelligence Service, the SVR, claimed on Tuesday that Ukraine is preparing to launch drone attacks against Russia from the territory of the Baltic countries.

The SVR claimed Ukrainian military personnel had already deployed to Latvia and warned that the country's NATO membership wouldn't protect it from “just retribution.” It did not provide evidence for its claims.

Ukraine's foreign ministry spokesman, Heorhii Tykhyi, said Tuesday that none of the Baltic states or Finland has ever allowed Ukraine to use their airspace for strikes against Russia.

Budrys called the SVR claim a “transparent act of desperation” and an attempt to sow chaos and distract from a “simple reality” — that Ukraine is hitting Russia's military machine hard.

NATO Secretary-General Mark Rutte praised the alliance's reaction to the drone incidents, saying that they had been met with “a calm, decisive and proportionate response.” “This is exactly what we planned and prepared for,” Rutte said, blaming Russia's war on Ukraine for the incursions. (AP) SKS SKS

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