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    ED claims Rs 284 crore laundering in Sravanthi Group probe; three arrested
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May 9, 2026
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Money laundering probe alleges diversion of loan repayments through shell entities and fake RTGS instructions in Sravanthi Group case.
Money laundering allegations arose from an ED probe into the Sravanthi Group and entities controlled by D V Rao, including DJW Electric Power Projects Private Ltd and Sravanthi Energy Private Limited. The investigation alleged misuse of RTGS repayment instructions, diversion of loan repayments to shell entities, and routing of funds through fake lender details. The ED stated that the probe had identified proceeds of crime of about Rs 284 crore across the connected transactions, with a separate component of alleged loan fraud of about Rs 58 crore.
May 9, 2026
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Money laundering probe under PMLA draws political accusations of agency misuse after arrest and multi-location searches.
The Enforcement Directorate arrested a Punjab industries minister in a money laundering case under the Prevention of Money Laundering Act after raids at multiple locations. The investigation was linked to alleged fraudulent GST transactions and entities associated with the accused, while officials said he was non-cooperative during questioning. Congress leaders alleged that central and state agencies were being used to intimidate political opponents.
May 9, 2026
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Money laundering probe over alleged fake GST invoices and round-tripping leads to arrest of Punjab minister.
The Enforcement Directorate arrested Punjab industries minister Sanjeev Arora in a fresh Prevention of Money Laundering Act case linked to alleged GST fraud-related laundering. The probe concerns fake GST purchases, false input tax credit claims through non-existing firms, and alleged round-tripping of illegitimate funds through exports, following earlier FEMA searches, asset attachment, and related investigations involving entities linked to him.
May 9, 2026
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EU-India partnership deepens through free trade, security and mobility ties, with peace and stability central to cooperation.
The European Union and India have deepened their partnership through a joint strategic agenda, a concluded free trade agreement, a security and defence pact, and a mobility framework. The relationship is presented as strategically significant, with both sides described as trusted partners promoting global stability, prosperity and cooperation. The free trade agreement is expected to strengthen two-way trade, while the broader partnership is linked to peace, stability and support for Ukraine.
May 9, 2026
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Comprehensive Economic Partnership Agreement negotiations advance as India and Canada conclude the second round of talks.
India and Canada concluded the second round of negotiations on the proposed Comprehensive Economic Partnership Agreement under the agreed Terms of Reference, with discussions aimed at a balanced, ambitious, and mutually beneficial framework to strengthen bilateral trade and economic ties. The talks covered trade in goods, trade in services, intellectual property, rules of origin, sanitary and phytosanitary measures, and technical barriers to trade, with further negotiations and intersessional engagements to continue.
May 9, 2026
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Trade and investment cooperation under TEPA gains momentum as India and Switzerland deepen regulatory engagement and business linkages.
India-EFTA TEPA implementation was advanced through discussions in Switzerland on trade, investment and business utilisation, with emphasis on resolving implementation issues early, reducing non-tariff barriers and strengthening regulatory cooperation. TEPA was presented as India's first trade agreement with the EFTA economies and its first operational trade arrangement with a European economic bloc, offering market access on 92.2% of tariff lines covering 99.6% of India's exports while safeguarding sensitive sectors. The engagement also targeted investment and technology partnerships in key industrial sectors.
May 9, 2026
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Affordable social security protection through Jan Suraksha schemes expands low-cost insurance and pension coverage for eligible account holders.
Affordable social security protection is extended through the Jan Suraksha framework comprising Pradhan Mantri Jeevan Jyoti Bima Yojana, Pradhan Mantri Suraksha Bima Yojana and Atal Pension Yojana, each designed to provide low-cost insurance or pension support through banks, post offices and participating institutions. PMJJBY provides life insurance cover for death due to any cause, PMSBY provides accidental death and disability cover, and APY provides guaranteed minimum monthly pension support for eligible bank account holders under the National Pension System architecture.
May 8, 2026
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Critical currency shortage strains rural cash access as banks limit withdrawals and face shortage of higher denomination notes.
Critical currency shortage in Nanded and parts of Marathwada prompted a letter to the RBI over limited cash availability during the wedding season and pre-sowing period. Banks reportedly imposed restrictions on high-value withdrawals, advised digital transactions, and dispensed smaller denomination notes because RBI cash supply was only a fraction of local demand, with Rs 500 notes in short supply.
May 8, 2026
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Rupee volatility strengthens as West Asia tensions, crude price movement, and foreign outflows weigh on currency sentiment.
The rupee recovered sharply against the US dollar and closed higher amid heightened geopolitical tension in West Asia, with market sentiment affected by renewed concern over energy supplies, movements in Brent crude, global risk aversion, and weakness in domestic equities. Forex traders also noted foreign institutional investor outflows and expected near-term volatility in the USD-INR range, while the dollar index eased, Brent crude traded near the USD 100 level, and India's foreign exchange reserves declined in the latest reporting week.
May 8, 2026
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Anticipatory bail in alleged GST refund fraud denied after suspicious fund transfers and need for custodial interrogation.
Anticipatory bail in an alleged GST refund fraud case was declined to a government clerk accused of facilitating illegal GST refunds through a conspiracy involving private entities and public officials. The court treated the offence as serious, noted suspicious fund transfers linked to the applicant's family accounts, and rejected the explanation of a friendly loan in the absence of a loan agreement. Custodial interrogation was considered necessary to trace the funds, examine bank records, recover digital material, and uncover the wider conspiracy.
May 8, 2026
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Workplace harassment and conversion allegations trigger POSH compliance push, with mandatory complaints committees and She-Box registration.
Allegations of religious conversion, sexual harassment, molestation and mental harassment at a private workplace led to police investigation, multiple FIRs and arrest of an absconding employee. The prosecution said the inquiry covered messaging platforms, online content and alleged conversion-linked conduct, while separate directions were issued for strict implementation of the POSH framework, including Internal Complaints Committees and She-Box registration for establishments employing 10 or more persons.
May 8, 2026
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Foreign exchange reserves decline as foreign currency assets and gold holdings fall while SDRs edge higher.
India's foreign exchange reserves declined in the week ended 1 May 2026, with the overall kitty falling to USD 690.693 billion. The fall was driven mainly by a reduction in foreign currency assets and a sharper decline in gold reserves, while Special Drawing Rights and the reserve position with the IMF recorded marginal increases.
May 8, 2026
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Fuel price stability drives heavy under-recoveries for oil companies as government shields consumers from global energy shock.
State oil marketing companies are absorbing heavy under-recoveries to keep petrol, diesel and LPG prices unchanged amid a global energy shock. The article notes that India's imported energy dependence, shipping disruption, higher freight and insurance costs, and emergency sourcing expenses have strained balance sheets, even as fuel and LPG supplies remain uninterrupted. Government excise duty cuts and absorption of part of the fuel cost burden have moderated losses and helped preserve consumer price stability.
May 8, 2026
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Financial inclusion expands in Bastar as new bank branches improve access to banking, welfare transfers and digital payments.
Banking infrastructure in Bastar has expanded into remote tribal and previously inaccessible areas, with new branches reaching villages and block-level locations across the division. The expanded banking network has advanced financial inclusion by making bank accounts, digital payments, crop loans, insurance, pensions and self-employment schemes easier to access. Direct Benefit Transfer payments are now reaching beneficiaries directly into bank accounts, reducing middlemen and improving transparency, while easier access to banking and credit has supported women self-help groups, farmers, traders and youth.
May 8, 2026
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Canton Fair trade growth drives record overseas buyer attendance, showcasing new, green and smart manufacturing momentum.
The 139th Canton Fair concluded with a record overseas buyer turnout, featuring 314,000 buyers from 220 countries and regions, more than 32,000 exhibitors, and over 4.65 million products. The fair emphasized new, green and smart manufacturing, showcased AI-enabled scenarios, and added nine specialized exhibition zones for emerging product categories. The report also highlighted Guangdong's strong foreign trade performance, including rising exports, imports and self-owned brand exports.
May 8, 2026
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Fuel price stability amid global energy shock left oil companies absorbing heavy under-recoveries and higher input costs.
State-run oil marketing companies maintained uninterrupted supplies of petrol, diesel, LPG and aviation turbine fuel despite a sharp global energy shock, while retail prices in India remained unchanged. The companies absorbed large under-recoveries from the gap between elevated input costs and fixed retail prices, with additional pressure from emergency crude sourcing, freight, insurance and refinery optimisation expenses. Government excise duty reductions helped limit the burden and supported a policy of consumer stability and continuity of supply.
May 8, 2026
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Plastic traceability rules drive India's circular economy, linking QR-coded packaging, verified recycling, and cross-border regulatory alignment.
India's plastic packaging traceability framework is described as operational, requiring every plastic packaging unit produced or sold in India to carry a machine-readable QR code or barcode linked to the manufacturer's registration on the Central Pollution Control Board's EPR portal, with cross-referencing to GST registration data. The text also describes Maharashtra enforcement activity, integration of informal waste workers into the verified supply chain under 2025 EPR amendments, and support for traceability-based import controls, technical alignment with the EU's Digital Product Passport, and a universal plastic traceability data standard.
May 8, 2026
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Tariff authority limits under trade law challenge the legality of global import surcharges imposed beyond statutory conditions.
US federal court decision examined the legality of a 10 per cent global tariff imposed under the Trade Act of 1974 and held that the statutory provisions invoked for the import surcharges were limited to a balance-of-payments crisis. The majority found that the government's reading of Section 122 would confer an impermissibly expansive tariff power and that the President's proclamation did not assert the conditions required by the statute for lawfully imposing the surcharge.
May 7, 2026
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Money laundering probes over forged land-use approvals, investor duping, and real estate proceeds of crime in Punjab searches.
Enforcement Directorate searches were conducted under the Prevention of Money Laundering Act in probes linked to two real estate groups accused of fraudulent change of land use, forged consent documents, and duping investors. The Suntec City matter concerns alleged fabricated landowner consents, collection of money without sale deeds, and subsequent projects based on the disputed land-use approval. The Altus matter concerns alleged misrepresentation of land-use approval, cancellation of the approval, and undervaluation in a later purchase of the project.
May 7, 2026
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Regulatory summons compliance in market investigations remains a distinct offence despite claims of control by third parties.
Failure to comply with regulatory summons and furnish transaction records during a market-manipulation investigation was treated as a separate compliance offence, even though the underlying inquiry concerned alleged price manipulation in shares of BPL, Videocon and related securities. The proceedings arose from SEBI's 1998 investigation into abnormal price movements and trading volumes, in which brokers were found to have dealt primarily for a common set of client entities connected with the Damayanti Group. The explanation that the entities were controlled by Harshad Mehta and operated without the directors' knowledge was not accepted as a defence to non-compliance.

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Customs & Trade

Trex Energy Launches REX BESS 125kW/261kWh with Liquid-Cooling (C&I) to Support Smart Industrial Energy Infrastructure

June 8, 2026

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• Integrated Smart BESS — 261kWh LFP battery with liquid cooling, EMS, and fire suppression • Multi-Use Energy Storage — Built for renewables, EV charging, backup power, and peak load management • Safe & Scalable — Real-time monitoring, remote diagnostics, and globally certified architecture HYDERABAD, India, June 8, 2026 /PRNewswire/ -- Trex Energy, an innovative energy storage solutions company headquartered in Hyderabad, Telangana, today announced the official commercial launch of the REX BESS 125kW/261kWh with Liquid-Cooling Battery Energy Storage System (BESS). The REX BESS from Trex Energy combines liquid cooling, intelligent energy management system, and integrated AC/DC architecture to deliver reliable, scalable energy storage for commercial, industrial, and utility applications in India and globally. This product launch arrives against the backdrop of MSEDCL's new tariff policy, which signals electricity tariff rebates for the adoption of energy storage solutions Product Overview: The REX BESS 125kW/261kWh BESS The REX BESS is a fully integrated, single-cabinet energy storage solution featuring a 261 kWh LFP (Lithium Iron Phosphate) battery with a nominal voltage of 832V and a cell capacity of 314Ah. With a maximum DC voltage of 950V and a maximum input active power of 125kW, the system is designed for high-efficiency charge-discharge cycles across both on-grid and off-grid configurations. Operating reliably across temperatures from -20°C to 55°C, and rated IP54 for protection against dust and water ingress, the REX BESS is built for real-world industrial conditions. Commenting on the launch Roshan Shaik, Technical Director - Trex Energy, said, "The REX BESS is not just a product — it is our commitment to India's energy future. With liquid cooling, aerosol fire suppression, and intelligent cloud monitoring built into a single cabinet, we are giving our customers a system they can trust for decades of reliable operation." Key Features Efficient & Scalable: Flexible expansion design allows one machine to serve multi-effect matching across a variety of application scenarios. Optional 100kW MPPT and 200kW STS support future capacity growth without system replacement. Reliable & Safe: Equipped with aerosol fire suppression and multiple protection systems covering overcharge, over-discharge, short circuit, and thermal events — ensuring safety across all operating conditions. Smart Energy Intelligence: Integrated Energy Management System (EMS) with 4G connectivity and a 7-inch HMI touch screen enables real-time monitoring, remote diagnostics, and fingertip cloud maintenance from anywhere. Fully Integrated System: Highly integrated AC and DC design in a single cabinet (under 1700×1350×2200mm, under 3500kg). Compatible with PV input, AC bus, grid, loads, and EV charging piles in a unified architecture. Advanced Liquid Cooling: Precision liquid cooling maintains optimal cell temperatures across all conditions, significantly reducing degradation and extending the battery lifecycle compared to conventional air-cooled systems. Applications The REX BESS 125kW/261kWh BESS is designed to address a wide spectrum of energy challenges across industries: Peak Load Management: Reduce electricity costs significantly through effective peak shaving and load shifting, lowering demand charges for commercial and industrial facilities. Renewable Integration: Enhance solar (PV) and wind energy utilization with stable, high-capacity storage — directly compatible with PV input through the integrated EMS architecture. Energy Backup: Provide reliable power supply during grid outages for uninterrupted operations in critical facilities, manufacturing units, and data centers. EV Charging Support: Enable efficient and scalable EV charging infrastructure with stable power delivery, supporting India's fast-growing electric mobility ecosystem. Grid Support: Strengthen power networks with distributed energy solutions — supporting frequency regulation, voltage stabilization, and load balancing for utilities. Energy Trading (Arbitrage): Maximize savings by leveraging energy price fluctuations — charging during off-peak hours and discharging during peak tariff periods. Technical Specifications — REX BESS-125kW/261kWh Technical Specifications — Rex BESS-125kW/261kWh DC Side Max Voltage 950V Max Current 160A Voltage Range 650~950V AC Grid Connection Max. Apparent Output 138kVA Max. Input Active Power 125kW Nominal Voltage 400Vac, 3P3W+PE / 3P4W+PE Max. Input Current 200A Nominal Input Frequency 50/60Hz AC Off-Grid Nominal Voltage 400Vac, 3P3W+PE / 3P4W+PE Max Output Current 200A Nominal Frequency 50/60Hz Battery Cell Capacity 314Ah (LFP) Capacity 261kWh Nominal Voltage 832V Voltage Range 728~910V C Rate ≤0.5C System Level HMI 7-inch touch screen Fire Safety Aerosol fire suppression Cooling Method Liquid Cooling Operating Temperature -20°C to 55°C IP Degree IP54 Dimensions (W×D×H) <1700×1350×2200mm Weight <3500kg Others MPPT 100kW (Optional) STS 200kW (Optional) Optimistic about the future, Bharat Chhittarka, Managing Director – Trex Energy opined, "With the REX BESS now available for deployment, Trex Energy is ready to partner with industries, renewable energy developers, and utilities across India who need proven, intelligent, and safe energy storage solutions. This is the system that will power the next generation of smart energy infrastructure." Availability & Deployment The REX BESS 125kW/261kWh BESS is now available for order and deployment. Trex Energy provides end-to-end support — from site assessment and system design to installation, commissioning, and ongoing maintenance. Customized configurations, including optional MPPT (100kW) and STS (200kW) integration, are available to suit specific project requirements. For inquiries, project consultations, or to schedule a demonstration, contact Trex Energy directly. For more information about the product and the brand please visit the website. About Trex Energy Trex Energy is a Hyderabad-based energy storage solutions company dedicated to designing and delivering advanced Battery Energy Storage Systems for commercial, industrial, and utility applications. With a tagline of "We Store Electrons," Trex Energy is committed to accelerating India's clean energy transition through innovative, reliable, and intelligent energy storage technology. Trex Energy operates from its registered offices in Hyderabad, Telangana and Pune, Maharashtra. For media queries please contact: Narayan Vasu | Sales Director - Trex Energy Tel: +91 98660 11445 Email: [email protected] Web: www.trexenergy.in Address: 8th Floor, Vamsiram Suvarnadurga Tech Park, Financial District, Nanakramguda, Hyderabad, Telangana 500032 Logo: https://mma.prnewswire.com/media/2995678/Trex_Energy_Logo.jpg' alt='Embedded Media' /> (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR

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