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    ED examines bank locker of ex-CM Vijayan’s daughter in money laundering case
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June 19, 2026
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Money laundering investigation leads to bank locker examination over alleged corporate transactions and proceeds of crime
Enforcement Directorate action in a money laundering investigation extended to examination of a bank locker belonging to Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, in her presence at an HDFC Bank branch. The inquiry relates to alleged transactions involving her now-defunct IT firm, Exalogic, and its purported links with Cochin Minerals and Rutile Ltd, including payments said to have been made without corresponding services and loans allegedly extended through another company connected with CMRL management.
June 19, 2026
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India-UK trade agreement enters into force as leaders link commerce, mobility and broader bilateral cooperation.
The India-UK Comprehensive Economic and Trade Agreement is scheduled to enter into force on July 15, marking a significant development in bilateral economic relations. The agreement is described as extending beyond trade and technology to include mobility and wider people-to-people engagement, with an expected boost to annual bilateral trade and business expansion plans on both sides.
June 19, 2026
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Initial public offer structure for Jio Platforms set as a fresh issue with price discovery through book building.
A proposed initial public offer of Jio Platforms is to be made by way of a fresh issue of up to 27 crore equity shares of face value of Rs 10 each. The Draft Red Herring Prospectus has been approved and is to be filed with the Securities and Exchange Board of India, BSE and the National Stock Exchange. The issue price will be determined through the book building process in accordance with SEBI regulations, subject to the required regulatory approvals.
June 19, 2026
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Autonomous financial decision-making gains traction as auditable AI agents handle routine regulated workflows with compliance and control.
AI deployment in financial services is described as shifting from advisory support to autonomous decision-making through a platform that applies an institution's own guidelines, reaches end-to-end decisions, and escalates only matters requiring human judgment. The system is presented as producing decisions with full reasoning, policy cross-reference, and auditability, while remaining consistent, explainable, compliant, and defensible under audit in banking, insurance, and capital markets workflows.
June 19, 2026
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Tax relief and amnesty measures reshape Kerala's budget through arrear settlements, vehicle tax revisions and stamp duty concessions.
Kerala's revised Budget introduced tax relief measures, amnesty schemes and vehicle tax revisions, including settlement of Flood Cess arrears, waiver of specified small pre-GST arrears, revised sales tax rates for low-strength alcoholic beverages, reduced tax for AITP buses, changes in electric vehicle road tax slabs, an e-challan amnesty scheme, and a one-time settlement for undervaluation and deficit stamp duty cases.
June 19, 2026
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Construction and building materials expo drives exports, supply chains, and Make in India engagement across global markets.
Bharat Buildcon 2026 opened as a large industry exhibition for the building materials and construction sector, drawing more than 25,000 visitors on the first day along with participants from over 90 countries and more than 100 Indian cities. The exhibition was presented as a platform for strengthening supply chains, encouraging technology adoption, generating business opportunities, and promoting exports and foreign investment in the construction and building materials sector.
June 19, 2026
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Government e-marketplace access expands through last-mile seller facilitation, onboarding support, and catalogue listing through new partnership.
Government e-marketplace access is being expanded through a strategic partnership between GeM and CSC-SPV aimed at strengthening last-mile facilitation for sellers, especially in rural and underserved regions. The collaboration extends support through the full onboarding chain up to catalogue listing, with assistance for Vendor Assessment, Brand Approval, and creation and publication of product and service catalogues. A pilot rollout of 50 GeM Suvidha Kendras will provide guidance, training, onboarding support, capacity building, and grievance redressal for a range of enterprises.
June 19, 2026
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Rupee appreciation gains support from India-US trade optimism, foreign inflows and softer crude prices.
The rupee appreciated in early trade against the US dollar, supported by optimism over India-US trade negotiations, firm foreign inflows and softer crude oil prices. Market sentiment remained positive as traders tracked developments suggesting momentum in talks on a proposed trade pact and an improvement in external flows. The foreign exchange market also reflected expectations that the Reserve Bank of India may use incoming dollar inflows to rebuild foreign exchange reserves and gradually reduce its forward dollar book.
June 18, 2026
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Direct tax collections rise on stronger advance tax mop-up and higher corporate tax receipts across key segments.
Net direct tax collection increased by 14.64 per cent to over Rs 5.21 lakh crore up to June 17 of the fiscal year, driven primarily by higher advance tax mop-up from corporates. Net corporate tax collection rose 22 per cent, while net non-corporate tax collection increased 8 per cent. Securities Transaction Tax collection also recorded strong growth, and advance tax collection rose 15.30 per cent, with corporate and non-corporate advance tax both showing gains.
June 18, 2026
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Aquaculture feed price stabilisation drives a committee plan, with manufacturers agreeing to reduce prices and review sector concerns.
Aquaculture feed pricing was addressed as a sectoral price-stabilisation issue, with manufacturers agreeing to reduce prices by Rs 4 per kg after a directive from the Chief Minister. A committee of aqua farmers, feed manufacturers and officials was proposed to develop a long-term mechanism for price stabilisation and to examine processing-related issues and pollution control measures, with recommendations due within 20 days. The discussion also covered subsidy awareness, insurance coverage, nursery ponds, water supply and strict quality control in aquaculture production.
June 18, 2026
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Interim free trade agreement negotiations advance as leaders urge swift conclusion of the India-US trade pact.
Trade negotiations between India and the United States were described as being in the final stages of an interim free trade agreement, with both leaders directing their negotiators to conclude the pact at the earliest. The discussions were said to have addressed uncertainty in bilateral trade and to have produced significant progress, with further talks expected to continue through an upcoming visit by the US Trade Representative.
June 18, 2026
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Direct tax collection growth drives higher net income tax mop-up, with corporate and non-corporate taxes both rising.
Direct tax collection recorded year-on-year growth during the early part of the fiscal year, with net income tax collection rising to over Rs 5.21 lakh crore by June 17. Net corporate tax collection increased sharply, while net non-corporate tax collection also posted growth; the non-corporate category covers taxes paid by individuals, HUFs and firms. Refunds were issued during the period and showed a marginal increase compared with the corresponding earlier period.
June 18, 2026
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Phased customs duty cuts on UK passenger car imports set quota limits, price bands and EV concession rules.
India-UK Comprehensive Economic and Trade Partnership provides for phased, quota-based reduction of customs duty on passenger car imports from the UK into India over the first 15 years of implementation. Conventional-engine passenger cars are subject to specified annual quotas across engine-size categories, with duty reductions tapering to a final 10 per cent, while electric, hybrid and hydrogen passenger cars receive concessions only from the sixth year, subject to price bands and quotas. Zero-emission two-wheelers, buses and trucks are excluded from any customs duty concession commitment.
June 18, 2026
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Bail petitions in alleged attack on ED officials dismissed amid continuing investigation and attempted murder charges.
Bail petitions filed by three accused in connection with the alleged attack on Enforcement Directorate officials were dismissed in proceedings arising from the CMRL money laundering probe. The accused argued that the allegations were baseless and that investigation against them had been completed, but the prosecution said investigation was still continuing. The matter relates to an alleged attack on ED and CRPF personnel after searches at the residence of the former Chief Minister, with police invoking multiple offences, including attempted murder.
June 18, 2026
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Swiss bank deposits by Indian clients fell overall, while individual customer accounts and tax information exchange continued to expand.
Swiss National Bank data showed that Indian money in Swiss banks fell in 2025 to CHF 3.25 billion, with the decline driven mainly by funds held through local branches and other financial institutions. Customer deposits rose to CHF 524 million, while amounts due to banks remained the largest component at CHF 2.6 billion. Separate locational banking statistics showed an increase in deposits by Indian individuals to USD 89.73 million. The article also notes the automatic exchange of information in tax matters between Switzerland and India since 2018.
June 18, 2026
Show AI Summary
Free Trade Agreements support Indian industry as Bharat Buildcon 2026 showcases construction sector collaboration and global market access.
Bharat Buildcon 2026 was inaugurated as an industry exhibition for the building materials and construction sector under the theme "One Nation, One Expo". The event brought together participants from more than 90 countries and over 100 Indian cities for industry interaction and business engagement. The Minister highlighted the role of Free Trade Agreements in expanding opportunities for Indian industry, including expected market access and stronger trade relations under the India-UK Comprehensive Economic and Trade Agreement.
June 18, 2026
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Money laundering probe over alleged sham payments and loans, with proceedings under the Prevention of Money Laundering Act.
The Enforcement Directorate's money-laundering investigation concerns alleged transactions between Cochin Minerals and Rutile Ltd., Exalogic, and associated entities, including payments said to have been made without corresponding services and loans allegedly extended despite non-repayment. The agency alleges that these transactions generated proceeds of crime and has registered a case under the Prevention of Money Laundering Act on the basis of a prosecution complaint filed by the Serious Fraud Investigation Office.
June 18, 2026
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Social security exemption for temporary India-UK assignees will cut duplicate contributions and support skilled worker mobility.
The India-UK Double Contribution Convention will exempt employees temporarily transferred between the two countries from host-country social security contributions for up to five years, subject to a certificate of coverage. The arrangement is reciprocal for eligible UK nationals working in India and is intended to preserve home-country social security coverage during temporary overseas assignments while reducing duplicate contribution burdens on workers and employers.
June 18, 2026
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Public offer classification of OFCD issuances and employee liability remain under challenge before the Supreme Court.
Securities law issues concerning the issuance of optionally fully convertible debentures (OFCDs) by Sahara India Commercial Corporation Ltd. are under challenge, with SEBI contesting a part of the Securities Appellate Tribunal's relief granted to four managers and the company secretary. The tribunal had treated the OFCD issuances as a public offer within SEBI's regulatory jurisdiction, while also distinguishing the position of employees from that of the directors who had authorised the prospectus and remained responsible as principals for acts done through their agent. SEBI has now challenged this limited relief before the Supreme Court.
June 18, 2026
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Gold import duty hike drives sharp fall in volumes as foreign exchange conservation becomes policy priority.
Gold imports in India declined sharply in volume terms after the customs duty on gold and silver was raised from 6 per cent to 15 per cent. Imports reportedly fell to about 25-30 tonnes in a month from earlier levels of 75-100 tonnes, while higher global prices kept import values elevated. The duty increase is presented as part of a broader policy response aimed at curbing gold purchases and conserving foreign exchange for essential imports.

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Customs & Trade

Payoneer India Cross-Border Excellence Awards 2026 launched to recognise the country's leading cross-border businesses

June 10, 2026

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Sixteen award categories span service exports, e-commerce, D2C brands, regional exporters, women entrepreneurs, and more. Nominations are now open. NEW DELHI, June 10, 2026 /PRNewswire/ -- Payoneer, the global financial platform that powers cross-border commerce, has launched the Payoneer India Cross-Border Excellence Awards 2026 in association with The Economic Times. The awards, which will culminate in an exclusive gala in New Delhi in September 2026, are designed to formally recognise the Indian businesses and entrepreneurs driving the country's cross-border growth story.

India's services exports reached a record $387.6 billion in FY2025, growing 13.6% year-on-year. And in 2024, EY projected that the country's e-commerce exports would amount to $200-300 billion by 2030. In this context, and with the Centre's stated target of $2 trillion in exports by 2030-31, the awards aim to give the businesses powering that ambition a stage commensurate with their contribution.

Commenting on the launch, Gaurav Shisodia, Vice President and Country Manager, Payoneer India, said, "India's cross-border economy is being shaped by a much wider base of businesses today, from IT services, SaaS and digital marketing firms to e-commerce sellers, D2C brands, regional exporters and women entrepreneurs. As India works towards its long-term export ambitions, it is important to recognise the businesses that are building global customer bases, entering new markets and creating employment from India. The Payoneer India Cross-Border Excellence Awards 2026 are designed to spotlight this growing ecosystem through a transparent, jury-led platform that celebrates growth, market reach, innovation and long-term global competitiveness." Categories spanning every dimension of cross-border trade The award structure is designed to reflect the full diversity of India's cross-border economy, rather than collapsing distinct business models into a single catchall category.

Service exporters are recognised across six tracks: • IT & Development • AI/ML • Digital Marketing Services • SaaS/B2B Solutions • Managed Services • EdTech E-commerce exporters are recognised in three categories dedicated to distinct product verticals: • Fashion & Apparel • Home & Kitchen • Personal Care, Health & Wellness Four independent categories recognise excellence beyond sector lines: • D2C Cross-Border Brand • Global Employer • Woman In Export Excellence • Company Incorporation Partner Three regional awards ensure that cross-border ambition is recognised across the country, open to service exporters, marketplace sellers, and freelancers alike: • Regional Export Leader– North India • Regional Export Leader– South India • Regional Export Leader– West/East India Independent jury, transparent evaluation Every shortlisted nominee will be assessed by an independent jury of senior industry figures against a predefined framework. The evaluation criteria are weighted as follows: • Growth and scale - 40% • Market reach and geographic diversification - 30% • Innovation and differentiation - 15% • Employment and community impact - 10% • Digital infrastructure and payments readiness - 5% All categories are assessed on equivalently rigorous, sector-appropriate criteria, ensuring that winners are identified on merit rather than profile.

Felicitation and programme highlights The award ceremony will take place at an exclusive gala in New Delhi in September 2026. The evening will be accompanied by a conference programme covering issues central to India's cross-border businesses, including: • Policy, digital infrastructure, and trade reform shifts shaping India's $2 trillion export roadmap • How leading service businesses are scaling globally across high-demand sectors • Exclusive analyses of the current free trade agreement landscape, covering new agreements with the UK, the EU, Oman, and New Zealand, and how businesses can translate preferential market access into tangible revenue Recognition with reach Winners will be featured across both Payoneer and The Economic Times platforms, reaching investors, global partners, and senior decision-makers. Coverage will extend across social media channels amplified by both brands. At the September gala, finalists will join industry leaders and marquee speakers in a setting where the conversations are as valuable as the awards themselves.

At a time when global trade is being actively redrawn and India's exporters are being called upon to step into a $2 trillion ambition, being recognised by the Payoneer India Cross-Border Excellence Awards carries genuine weight. It represents a national benchmark and signals that a business has been measured against the best and found to belong there.

Nominations are open Businesses and entrepreneurs across all eligible categories can submit their nominations at the official site.

The application process takes only a few minutes. Eligible applicants are encouraged to choose their category and submit before nominations close.

About Payoneer Payoneer is the financial platform for cross-border business and global payments. Payoneer empowers millions of businesses with the financial tools and services they need to grow and transact globally with confidence. We make it easier for SMBs, particularly in emerging markets, to connect to the global economy, get paid across borders, and grow their businesses.

About The Economic Times The Economic Times is India's leading financial daily and one of the world's most widely read English-language business publications. Its digital and print platforms reach executives, policymakers, investors, and business leaders across the world.

(Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR PWR

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