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    Rupee falls 28 paise to 95.64 against US dollar in early trade
    USTR proposes 12.5% additional duties on India, 53 other countries over forced labour import violations
    India, UK discuss sticking points delaying free trade pact rollout
    Following are the top foreign stories at 2030 hours
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    At 22 pc, Haryana GST collection growth rate in May highest in country: State govt
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    Rs 2,004-crore homebuyer fraud: ED arrests 4 promoters for duping over 19,000 buyers
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    June 3, 2026
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    Forced labour trade duties pressure rupee as proposed US action and broader risk sentiment weigh on markets.
    The rupee weakened in early trade against the US dollar amid concern over a proposed US Trade Representative move to impose additional duties on India and other countries for alleged failures to prevent imports of goods produced with forced labour. India denied the allegations and said the issue should be addressed through ongoing bilateral trade negotiations. The currency was also pressured by broader global risk factors, including geopolitical tensions, a firmer dollar, higher crude oil prices and weakness in domestic equity markets.
    June 3, 2026
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    Forced labour import prohibitions drive proposed additional duties and a differentiated tariff framework for affected economies.
    The US Trade Representative has proposed additional duties on 54 countries, including India, over alleged failures to prohibit imports made with forced labour. The proposal follows investigations into 60 countries and applies a differentiated tariff framework: 10 per cent additional duty for economies with existing or committed forced-labour import prohibitions, and 12.5 per cent for all other economies. A textile mechanism would permit a specified volume of apparel and textile imports from certain economies at a reduced tariff rate.
    June 2, 2026
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    Trade pact implementation faces delays as India and the UK address steel safeguards and carbon border measures.
    India and the UK discussed implementation issues delaying rollout of CETA, with particular concern over Britain's steel safeguard restrictions and proposed carbon border adjustment mechanism (CBAM). The talks focused on identifying the remaining sticking points and examining pathways for effective implementation of the trade pact. Britain's limits on tariff-free steel imports and the introduction of CBAM from 2027 are central to the market access concerns.
    June 2, 2026
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    International developments span parliamentary disruptions, anti-corruption action, UN recognition, and immigration enforcement across several countries.
    Parliamentary proceedings in Nepal were adjourned after protests over border remarks, while other reported developments covered defence trade, anti-corruption action, UN appointments, peacekeeping recognition, online testimony in a disappearance case, condemnation of Hinduphobia and temple attacks, and immigration enforcement against Indian nationals working illegally as truck drivers.
    June 2, 2026
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    Rupee depreciation against the dollar reflects oil price pressure, dollar strength and foreign fund outflows amid RBI policy watch.
    The rupee depreciated against the US dollar amid higher global crude oil prices, a firm dollar, safe-haven inflows and foreign fund outflows. Market participants expected continued pressure from geopolitical tensions and elevated oil prices, while noting that peace talks could moderate the decline. Investors also watched the Reserve Bank of India monetary policy meeting for cues on currency movement, alongside broader market and macroeconomic developments.
    June 2, 2026
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    State GST collections in Haryana lead the country, driven by strong revenue growth and efficient tax administration.
    Haryana reported the highest growth rate among states in state GST collections for May 2026, with a year-on-year increase of 22 per cent against the national average of 6 per cent. The state also ranked first in cumulative growth in state GST revenue for the first two months of 2026-27, with growth of 40 per cent over the comparable period of the previous financial year. The statement attributed the sustained increase to the growing economy of the state and efficient tax administration.
    June 2, 2026
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    Re-evaluation portal security and online filing rules shape CBSE's answer-book verification process for students seeking review
    CBSE reported cyberattacks on its re-evaluation portal and said the online facility for verification of issues in scanned answer books and re-evaluation of answers was available only to students who had obtained scanned copies of evaluated answer books. The portal required Aadhaar-based verification, permitted online-only submission and payment, allowed only one application each for verification and re-evaluation, and treated details as locked after the payment stage was initiated. The process covered specified scanning and evaluation issues, used a limited filing period, and communicated the request outcome after completion.
    June 2, 2026
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    Artificial intelligence and data science training expands through a new industry-linked lab, certifications and practical learning programmes.
    Chandigarh University established an 'IndiaAI Data Lab' in collaboration with Intel India to strengthen student employability through industry-relevant training in artificial intelligence, data science and emerging technologies. The lab is intended to function as a simulated apprenticeship and practical learning space for computing and computer science engineering students, with access to AI tools, real-world projects and hands-on exposure aligned with global industry standards. As part of the same partnership, the university launched MCA (Data Science) and BCA (Data Science) programmes in association with Intel India, with semester-wise Intel certifications to improve industry readiness.
    June 2, 2026
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    Trade agreement negotiations focus on tariff recalibration, market access commitments, and possible Section 301 trade action.
    India and the United States began talks to finalise an interim trade agreement and advance a broader bilateral trade agreement. The framework contemplates tariff reductions on US industrial and agricultural goods, proposed Indian purchases of US products over five years, and possible recalibration in light of changed US tariff conditions and the prospect of fresh action under the Section 301 mechanism.
    June 2, 2026
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    Wholesale Price Index revision expands coverage, updates methodology and introduces producer price indices for broader price measurement.
    Revision of the Wholesale Price Index base year from 2011-12 to 2022-23 has been approved, together with compilation and release of new Producer Price Indices. The revised WPI series, along with Output PPI, Trial Input PPI and Service PPI, is scheduled for release on 15 June 2026 and will replace the existing WPI series. The framework is intended to support transition from WPI to PPI, while allowing a five-year continuation of WPI for price escalation use before discontinuation.
    June 2, 2026
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    Money laundering investigation over alleged homebuyer fraud leads to arrests of real estate promoters and directors.
    Money laundering investigation under the Prevention of Money Laundering Act concerns an alleged homebuyer fraud involving a real estate group that reportedly collected about Rs 2,004 crore from more than 19,425 buyers and investors on promises of timely delivery of residential and commercial units and assured returns. Four promoters and directors were arrested in connection with the probe and produced before the special PMLA court, which granted custodial interrogation. The investigation was initiated on the basis of five FIRs and a criminal complaint filed by the Serious Fraud Investigation Office.
    June 2, 2026
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    Rupee depreciation against the US dollar weighs on sentiment as crude prices, dollar strength and fund outflows pressure the market.
    The rupee depreciated against the US dollar in interbank foreign exchange trading, closing lower amid rising crude oil prices, a firm dollar and foreign fund outflows. Market participants also watched the forthcoming Reserve Bank of India monetary policy meeting, while the USD/INR spot rate was expected to trade in a narrow near-term range.
    June 2, 2026
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    Verification of answer books and re-evaluation portal opens for board exam students through a fully online process.
    CBSE opened an online portal for students with scanned copies of evaluated answer books to seek verification of issues in those copies and re-evaluation of answers. The process is available only online, requires Aadhaar-based login, permits only one application each for verification and re-evaluation, and must be completed within the stated timeline. The verification facility covers missing pages, blurred pages, missing supplementary sheets, incorrect answer books and similar issues, while re-evaluation may be sought for one or more questions across subjects.
    June 2, 2026
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    Premium group travel expansion drives curated tours, repeat customers, and Series A discussions for growth.
    JOY-N-CREW Vacations LLP is a Pune-based premium group travel company founded in 2022 and expanded to seven Indian cities. It reports serving over 5,000 guests, a 78% repeat customer rate, and a travel model built around curated international tours, cultural immersion, central accommodations, doctor-on-call support, and unhurried itineraries. The company has also entered premium educational travel and says it is in advanced discussions for Series A funding to support expansion, technology development, and a broader tour portfolio.
    June 2, 2026
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    Foreign exchange violation investigation under FEMA leads to searches at Vedanta Group premises amid regulatory scrutiny.
    Enforcement Directorate initiated a foreign exchange violation investigation under the civil provisions of the Foreign Exchange Management Act against Vedanta Group and conducted searches at its premises in Delhi, Rajasthan and other locations. The company said it was extending full cooperation, providing information sought, and remaining committed to compliance with applicable laws and regulations.
    June 2, 2026
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    Unified transaction banking is reshaping corporate finance through API-driven platforms, cloud scale, and stronger compliance controls.
    Transaction banking in India is shifting toward unified, API-driven platforms that address fragmented banking systems, manual processes, and reconciliation challenges in corporate banking. The commentary links this evolution to digital infrastructure growth and highlights the role of cloud systems, AI tools, and strong compliance guardrails, including regulatory compliance, data protection standards, and certifications such as ISO and SOC2, in enabling scalable and reliable financial technology operations.
    June 2, 2026
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    GST revenue collections showed provisional growth in May 2026, with adjusted figures reflecting the telecom spectrum one-time payment.
    Gross and net GST revenue collections for May 2026 were presented as provisional figures, with break-ups for domestic revenue, import revenue, refunds and net collections under CGST, SGST and IGST. The note stated that May 2025 included a one-time telecom spectrum payment, and that adjusted growth is the better indicator of GST performance for May 2026. State-wise tables also showed SGST and IGST settlement figures and domestic GST revenue growth across States and Union Territories.
    June 2, 2026
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    Seafood export growth: India's frozen shrimp-led shipments hit a record high as the US and China stayed top markets.
    India's seafood exports reached a record high in FY 2025-26, with frozen shrimp remaining the dominant export item and contributing the largest share of export earnings and overall quantity. The United States and China continued to be the principal overseas markets, with the United States leading in value terms and China leading in quantity terms. The European Union, Southeast Asia, Japan and the Middle East also remained major export destinations, while Visakhapatnam, Jawaharlal Nehru Port Trust and Kochi were the top ports handling seafood export cargo.
    June 2, 2026
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    Government accounts highlight revenue receipts, tax devolution to states, and expenditure composition across revenue and capital heads.
    Government accounts for financial year 2025-26 were consolidated and published on a provisional, unaudited basis, showing receipts of the Union Government as net tax revenue, non-tax revenue, and non-debt capital receipts. During the period, a substantial amount was transferred to State Governments as devolution of the share of taxes, and total expenditure was recorded on both revenue and capital account, with interest payments and major subsidies forming significant components of revenue expenditure.
    June 2, 2026
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    Government revenue and expenditure account for April 2026 highlights tax receipts, devolution to states, and major spending heads.
    Government of India's monthly account for April 2026 records the consolidated receipt and expenditure position for the month. Receipts comprise tax revenue, non-tax revenue and non-debt capital receipts, with a transfer made to State Governments by way of devolution of taxes. The account also notes the corresponding expenditure split between revenue account and capital account, and identifies interest payments and major subsidies as significant components of revenue expenditure.

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      GST collections grow 3.2 pc in May to Rs 1.94 lakh cr

      June 1, 2026

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      New Delhi, Jun 1 (PTI) Gross GST collections rose 3.2 per cent to over Rs 1.94 lakh crore in May on improved supplies of goods and services, and continued expansion of collection from imports, government data showed on Monday.

      Gross GST collection stood at Rs 1.88 lakh crore in May, 2025.

      Gross Central GST (CGST) collection from domestic transactions during the reported month stood at Rs 37,397 crore, State GST (SGST) at Rs 45,143 crore and Integrated GST (IGST) at Rs 51,990 crore.

      Taxable supplies of goods grew 26.9 per cent during the reported period, reflecting domestic demand, while the same for the services sector grew 22.2 per cent, demonstrating structural resilience in domestic consumption.

      IGST collection from imports rose 19.1 per cent during May to Rs 59,654 crore, signalling expansion in industrial capacity.

      Goods and Services Tax (GST) refunds grew 2.6 per cent to Rs 27,281 crore.

      After adjusting refunds, net GST revenues in May rose 3.3 per cent to about Rs 1.67 lakh crore.

      GST mop-up in April reached an all-time high of Rs 2.43 lakh crore. PTI JD DRR

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