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    Andhra logs best-ever May GST revenue of Rs 4,987 crore
    Court allows CBI to arrest former Reliance ADAG executive Jhunjhunwala in bank fraud case
    Rupee declines 34 paise to close at 95.19 against US dollar
    Kerala HC admits CMRL appeal against ED probe, stays action till Jun 5
    Chhattisgarh liquor 'scam': ED attaches assets worth over Rs 1,000 cr, names 4 more accused
    IDFC First Bank 'fraud': ED makes 3rd arrest in Rs 645-crore embezzlement case
    Britain's steel safeguard, carbon tax sticking points in implementation of India-UK trade pact: Sources
    India-Oman FTA comes into force; textiles, eng, gems, jewellery get duty-free access
    UK Trade Secretary Peter Kyle to visit India to ramp up FTA implementation
    Most aspects finalised in trade pact with US; talks now focus on minor issues, commas, full stops: Goyal
    Central Government notifies export levies on exports of petrol, diesel and aviation turbine fuel (ATF) for the fortnight beginning 1st June, 2026
    Central Government temporarily exempts all customs duties on import of cotton from 1st June, 2026 till 31st October, 2026
    India and Oman energize a new Trade Gateway through a landmark Comprehensive Economic Partnership Agreement (CEPA)
    Delhi HC grants bail to PFI's physical education trainer in money laundering case
    Citi to Host Flagship India Conference in Mumbai
    Rupee falls 10 paise to close at 94.95 against US dollar
    Clayfin Expands into Voice AI Capabilities with Strategic Acquisition of Louie Voice
    India, Oman free trade pact comes into force
    D. Y. Patil Deemed to be University Online Launches India’s First Online MBA in Product Management Alongside New-Age Programs in Fintech and AI
    India’s seafood exports hit record high in 2025–26: Official
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    June 1, 2026
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    GST revenue growth driven by AI-based compliance and data integration lifted Andhra Pradesh to its best-ever May collections.
    Andhra Pradesh recorded its highest-ever May GST revenue since the introduction of GST, with strong year-on-year growth in total collections and net GST receipts despite GST 2.0 rate rationalisation measures. The revenue increase was supported by higher IGST settlement, petroleum VAT, professional tax and liquor VAT collections, along with technology-driven compliance measures. The department also expanded data integration and enforcement through AI-based analytics, scrutiny systems, UPI transaction analytics, Aadhaar integration and inter-departmental data sharing.
    June 1, 2026
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    Bank loan misuse allegations lead to formal arrest permission and judicial custody in the ongoing fraud investigation.
    CBI investigation into alleged misuse and diversion of bank loan funds in relation to Reliance Communications proceeded against a former senior executive, with the court permitting formal arrest in connection with the bank fraud case and remanding him to judicial custody in the meantime. The proceeding arose from allegations that loan funds and credit facilities sanctioned by a consortium of banks were managed and utilised in a manner that caused wrongful loss to the lending banks, while investigation against the accused remained ongoing.
    June 1, 2026
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    Rupee depreciation reflects geopolitical tensions, crude price gains and a stronger dollar, with RBI policy now in focus.
    The rupee weakened against the US dollar amid renewed geopolitical tensions, higher crude oil prices, a stronger dollar, and softer global risk sentiment. Forex traders noted intraday volatility in the interbank foreign exchange market and said the currency was under pressure from external market conditions, while any continued peace talks could limit further downside. Market attention shifted to the upcoming RBI Monetary Policy Committee meeting and the central bank's policy signal.
    June 1, 2026
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    PMLA investigation dispute over scheduled offence timing and natural justice challenge in CMRL appeal
    Appeal against a single-judge order permitting the Enforcement Directorate to continue a PMLA investigation was admitted, with no precipitative action to be taken until judgment. The dispute centres on whether a later SFIO complaint could justify an investigation that had allegedly begun before any scheduled offence existed, and whether additional affidavits filed after reservation violated natural justice. The company also challenged the ECIR, summons and related proceedings on jurisdictional grounds.
    June 1, 2026
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    Money laundering probe in alleged Chhattisgarh liquor scam leads to major asset attachments and four fresh accused
    Properties worth more than Rs 1,000 crore were provisionally attached under the Prevention of Money Laundering Act in connection with the alleged Chhattisgarh liquor scam, on the basis that the probe had identified proceeds of crime exceeding Rs 2,883 crore. The investigation alleged manipulation of the excise system through inflated procurement rates, unaccounted liquor manufacture and commission extraction through FL-10A licences. The attachment orders covered properties linked to Vikas Agrawal and alleged benami properties of Dhebar, Hotel Westinn Goa, and financial assets of three FL-10A licence-holder companies. A fresh supplementary prosecution complaint named four additional accused.
    June 1, 2026
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    Money laundering investigation under the Prevention of Money Laundering Act turns on alleged layering and concealment of public funds.
    Money laundering investigation under the Prevention of Money Laundering Act concerns alleged embezzlement of public funds from bank accounts linked to government departments and private schools. The investigation records an arrest for allegedly receiving proceeds of crime and participating in the generation, layering and concealment of laundered funds. It also alleges use of shell entities, jewellers and linked accounts to route, distribute and invest the proceeds, while the money trail and related assets are being traced.
    June 1, 2026
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    Steel safeguard and carbon border adjustment issues are emerging as key sticking points in India-UK trade pact implementation.
    India and the United Kingdom are expected to discuss Britain's steel safeguard measure and proposed carbon border adjustment mechanism as implementation issues under the bilateral trade pact. The reported concern is that UK restrictions on tariff-free steel imports and the planned carbon pricing on carbon-intensive goods have become sticking points, prompting India to consider re-balancing duty concessions, including those on Scotch whisky, if the matters are not addressed.
    June 1, 2026
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    Duty-free market access expands under India-Oman trade pact, boosting exports, services commitments and skilled professional mobility.
    Duty-free market access under the India-Oman Comprehensive Economic Partnership Agreement has come into force, granting duty-free entry for 99.38 per cent of India's exports by value and covering textiles, engineering products, gems and jewellery, pharmaceuticals and electronics. The arrangement also provides quota-based tariff concessions on selected Omani exports to India, while India has withheld concessions in several sensitive sectors. The pact further expands services commitments and skilled-professional mobility, and contemplates future discussions on social security continuity. Pharmaceutical access is reinforced through binding zero-duty treatment and streamlined marketing authorisation conditions.
    June 1, 2026
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    Trade liberalisation and market access drive India-UK FTA implementation talks in New Delhi.
    UK Business and Trade Secretary Peter Kyle is scheduled to visit New Delhi to accelerate implementation of the India-UK Comprehensive Economic and Trade Agreement and bring the bilateral Free Trade Agreement into force as quickly as possible. The visit is intended to advance the modern economic partnership, support businesses and consumers, and prepare industry for the agreement's entry into force through wider trade opportunities and tariff liberalisation.
    June 1, 2026
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    Bilateral trade agreement talks focus on final drafting, tariff recalibration, and broader market access negotiations.
    India and the United States have largely finalised the first phase of their bilateral trade agreement, with remaining discussions focused on drafting details, legal wording, and adjustments needed to reflect changes in the US tariff environment. The two sides are working toward completion of the interim agreement and then broader negotiations on market access, non-tariff measures, customs and trade facilitation, investment promotion, and economic security alignment. The framework contemplates tariff reductions and expanded Indian purchases of US goods, while current talks may recalibrate the framework in light of changed tariff measures and Section 301 developments.
    June 1, 2026
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    Export levies on petrol, diesel and ATF are revised fortnightly to support domestic fuel availability.
    Export levies in the form of Special Additional Excise Duty and Road and Infrastructure Cess are imposed on exports of petrol, diesel and aviation turbine fuel to support domestic availability of petroleum products by discouraging exports. The levy rates are reviewed and revised on a fortnightly basis according to average international prices of crude oil and petroleum products prevailing since the last review. No change is made to the existing excise duty rates on petrol and diesel cleared for domestic consumption.
    June 1, 2026
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    Customs duty exemption on cotton imports aims to ease input costs and improve raw material availability for the textile sector.
    Temporary exemption from all customs duties on import of cotton is provided to improve cotton availability for the Indian textile sector during the specified period. The measure is intended to reduce input costs across the textile and apparel sector, support manufacturers and consumers, and balance the interests of domestic farmers. It is also expected to assist small and medium enterprises by easing raw material constraints.
    June 1, 2026
    Show AI Summary
    India-Oman CEPA expands duty-free access, services commitments and trade facilitation across goods, investment and professional mobility.
    The India-Oman Comprehensive Economic Partnership Agreement (CEPA) entered into force on 1 June 2026, creating a framework for trade, services, investment, logistics and regulatory cooperation. The Agreement gives duty-free access to 99.38% of India's exports to Oman, while India liberalizes tariff lines with safeguards for sensitive sectors such as dairy, cereals, fruits, vegetables, edible oils, oilseeds, rubber, leather and spices. It also includes trade-facilitation measures, non-tariff barrier reduction, sector-specific market access and commitments on services and professional mobility.
    June 1, 2026
    Show AI Summary
    PMLA bail turns on limited role, minimal traced transactions, prolonged custody, and parity with a co-accused.
    Regular bail under the PMLA turned on the accused's limited alleged role, the small quantum of traced transactions, and the stage of the proceedings. The court treated the petitioner's involvement as non-pivotal, considered the custody period and likely trial delay, and held that prolonged pre-trial incarceration would not be justified on the material placed before it. Parity with a co-accused and the non-determinative nature of protest-related allegations were also relevant.
    June 1, 2026
    Show AI Summary
    Cross-border business connectivity drives Citi's India Conference focus on investment, capital markets, and economic growth themes.
    Citi is set to host its flagship India Conference 2026 in Mumbai as a two-day forum bringing together corporate leaders, investors, clients and thought leaders from the financial and business ecosystem. The conference will serve as a platform for discussions, networking and knowledge-sharing on themes shaping business, investment and economic activity in India and globally. Sessions are expected to cover the macroeconomic outlook, policy environment, capital markets, emerging investment trends, artificial intelligence, digital infrastructure and innovation.
    June 1, 2026
    Show AI Summary
    Rupee weakness against the US dollar intensifies as geopolitical tensions, crude prices and dollar strength weigh on sentiment
    Rupee depreciated against the US dollar amid renewed geopolitical tensions, higher crude oil prices and a stronger dollar overseas. Market participants linked the weakness to adverse global risk sentiment, rising US Treasury yields and uncertainty around continued peace talks, while attention shifted to the upcoming RBI Monetary Policy Committee meeting. The broader backdrop included a firmer dollar index, higher Brent crude futures, lower domestic equity indices, net foreign institutional outflows, a fall in India's forex reserves and higher gross GST collections in May.
    June 1, 2026
    Show AI Summary
    Voice AI banking expands accessibility as Clayfin acquires Louie Voice to enable simpler digital transactions.
    Clayfin has acquired Louie Voice, a voice banking platform that uses Voice AI to enable end-to-end banking transactions through natural voice commands within mobile applications and websites. The platform is designed to improve accessibility and inclusivity by reducing manual navigation and supporting users across different literacy levels, age groups, language preferences, and accessibility needs. It supports 11 Indian and 40 global languages and is intended to expand AI-led digital engagement and voice banking experiences for financial institutions.
    June 1, 2026
    Show AI Summary
    Comprehensive Economic Partnership Agreement opens preferential market access for Indian exporters in Oman across key sectors.
    India and Oman have brought into force their Comprehensive Economic Partnership Agreement, enabling preferential market access in Oman for Indian exporters in sectors such as textiles, leather, plastics, marine products, automobiles, sports goods and agri-items. The agreement was signed in Muscat on 18 December 2025 and entered into force on 1 June 2026, after completion of internal processes by both parties.
    June 1, 2026
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    Online education programmes expand industry-aligned training in product management, fintech, digital banking, applied AI and modern computing.
    Online education programmes were launched to address demand for industry-aligned digital talent in product-led business models, fintech, artificial intelligence and modern computing. The launch includes an Online MBA in Product Management, together with an Online MBA in Fintech & Digital Banking and an Online MCA in Applied AI and Modern Computing. The product management curriculum combines management study with product strategy, user-centric innovation, agile methodologies, analytics, go-to-market execution and digital transformation.
    June 1, 2026
    Show AI Summary
    Seafood exports record growth as frozen shrimp drives India's overseas earnings and major markets stay strong.
    India's seafood exports reached a record level in 2025-26, with frozen shrimp remaining the dominant export item and the main contributor to foreign exchange earnings. The Marine Products Export Development Authority reported that the United States, China, the European Union and Southeast Asia were major markets, while frozen fish, dried products, squid, cuttlefish, chilled products and live products also contributed to export earnings. Visakhapatnam Port, Jawaharlal Nehru Port Trust and Kochi Port were the leading ports handling seafood cargo.

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      Customs & Trade

      UK Trade Secretary Peter Kyle to visit India to ramp up FTA implementation

      June 1, 2026

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      London, Jun 1 (PTI) UK Business and Trade Secretary Peter Kyle will visit New Delhi this week to ramp up the implementation of the bilateral Free Trade Agreement (FTA) and unlock a “timely boost” for both economies, the British government said on Monday.

      Kyle is set to arrive in New Delhi on Tuesday for talks with Commerce and Industry Minister Piyush Goyal, which will be focussed on bringing the India-UK Comprehensive Economic and Trade Agreement (CETA) – dubbed a “priority for both governments” – into force “as quickly as possible”.

      The trade deal, expected to significantly boost the two-way trade partnership worth 48 billion pounds a year, had hit some delays over Britain’s upcoming steel import restrictions.

      “From whisky to automotives, this landmark deal will unlock massive opportunities for businesses and consumers in the UK and India,” Kyle said in a pre-visit statement.

      The senior Cabinet minister stated that his visit to Delhi will help “progress implementing this win-win agreement, which is worth billions to our economies”.

      “I look forward to working with Piyush Goyal to make sure everybody can start to feel the benefits as soon as possible,” he added.

      The UK government said the Business and Trade Secretary’s visit to India at a time of rapid global change signals the country’s determination to unlock the next phase of its modern economic partnership with India, so it can deliver growth for people in both countries.

      The FTA will liberalise 99 per cent of UK tariffs and 90 per cent of Indian tariffs, supporting cheaper, quicker, and easier exports and trade between our markets, it stated.

      While in New Delhi, Kyle will also meet Indian and British industry leaders with the aim of supporting businesses to prepare for the CETA coming into force.

      “The UK-India FTA is the biggest and most economically significant bilateral trade deal the UK has agreed since leaving the European Union. It covers 30 chapters – including standalone chapters on gender, innovation, environment, and labour – making it one of the most comprehensive trade deals that India has ever signed,” reads a UK government statement.

      Kyle’s visit this week coincides with fellow Cabinet minister, Foreign Secretary Yvette Cooper, who is set to arrive in India from China for talks with External Affairs Minister S Jaishankar on Thursday.

      The British government noted that as global conflicts, including the continued blockade of the Strait of Hormuz, cause economic shocks across the world’s biggest economies, it sees advancing the UK’s “vital economic partnership with India as a key priority, with significant mutual benefits”.

      Kyle’s visit to India this week follows a high-powered UK trade mission to Mumbai in October last year.

      At the time, he was part of the British Prime Minister Keir Starmer-led delegation of 125 of the country’s leading CEOs, entrepreneurs and business leaders to unlock significant opportunities for businesses across numerous sectors in India.

      The trade delegation built on the signing of the India-UK CETA and ‘Vision 2035’ during Prime Minister Narendra Modi’s visit to the UK in July 2025.

      According to the UK Department for Business and Trade (DBT) projections, the India-UK FTA could increase yearly bilateral trade by 25.5 billion pounds and boost GDP by nearly 5 billion pounds each in the long run for both countries. PTI AK GSP GSP

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