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    ED arrests 2 former executives of Reliance Anil Ambani Group
    ED arrests 2 former executives of Reliance Anil Ambani Group in money laundering case
    India has capacity to repay 94 per cent of its foreign debt in a single day, says Fadnavis
    2 TCS employees booked for abetment over colleague''s ''suicide'', company says it is ascertaining facts
    What recession? India remains fastest-growing major economy, says Fadnavis
    Retail inflation quickens to 3.93 pc in May, shows govt data
    NDA leadership brought Bihar to brink of bankruptcy: Tejashwi Yadav
    India's forex reserves drop USD 711 mn to USD 681.610 bn: RBI data
    DRI seizes 71 lakh smuggled foreign-origin cigarette sticks worth Rs. 14 crore in North-East Region; four persons arrested
    CBDT organises outreach webinar on “Decoding the new Income-tax Act, 2025: International Tax and Transfer Pricing Aspects”
    Unimech Aerospace rebounds from a tariff-hit year; order book triples to ~Rs. 314 crore as scale becomes its competitive moat
    Retail inflation inches up to 3.93 pc in May: Govt data
    India-EU FTA to spur German-Indo trade, open new investment avenues: Envoy
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    A&H Finverse Redefines Business Lending in India with Decade-Long Expertise and Pan-India Expansion
    Clever Hunt Pvt. Ltd. Secures Rs 75 Cr Structured Debt from Syndicate Finance to Boost Exports and Expand Manufacturing in India.
    Rupee surges 65 paise to 95.20 against US dollar in early trade
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    June 12, 2026
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    Money laundering probe over alleged bank loan fraud leads to arrests of former Reliance Telecom executives.
    The Enforcement Directorate arrested two former Reliance Anil Ambani Group executives under the Prevention of Money Laundering Act in connection with an alleged bank loan fraud involving Reliance Telecom Ltd. The agency took transit remand to move them to Delhi, where the case is registered. The ED is stated to have taken cognisance of a prior CBI complaint and is examining their roles in the alleged fraud.
    June 12, 2026
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    Money laundering enforcement under anti-money laundering law leads to arrest of former corporate executives in a linked case.
    The Enforcement Directorate arrested two former executives of the Reliance Anil Ambani Group under the Prevention of Money Laundering Act in a money laundering case. The arrests were made in Mumbai, and the accused were taken to Delhi on transit remand because the case was registered in the national capital. The two individuals had previously served as directors in Reliance Telecom Ltd.
    June 12, 2026
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    Economic growth and external resilience define India's expanding macroeconomic strength, despite recession concerns and debt repayment fears.
    India's macroeconomic position is described as having strengthened through robust growth, high foreign exchange reserves and expanding external resilience. The text states that concerns about recession were dismissed on the basis that India continued to record the highest growth rate among major economies, with GDP growth remaining strong in the latest quarter and the fiscal year. It also notes that India had become the world's fourth-largest economy and was on course toward a USD 5 trillion economy. The article further highlights external sector stability by stating that India's foreign exchange reserves were sufficient to cover nearly 11 months of imports and that the country had the capacity, if required, to repay 94 per cent of its foreign debt in a single day.
    June 12, 2026
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    Abetment to suicide allegations arise after a workplace death, with the company saying it is ascertaining the facts.
    Police registered a case of alleged abetment to suicide against three persons, including two employees of an IT company, after the death of a 48-year-old staffer. The complaint relied on a purported suicide note alleging defamatory emails, repeated humiliation before colleagues, denial of favourable work assignments, assignment of work outside the victim's expertise, and pressure to resign. The company said it was ascertaining the facts and reaffirmed its commitment to a respectful and inclusive workplace.
    June 12, 2026
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    Economic resilience and strong growth keep India ahead of recession forecasts amid robust GDP and reserves.
    India's economic performance was described as resilient despite recession forecasts, with the current growth rate stated to be the highest in the world. GDP growth was reported at 7.8 per cent in the January-March quarter and FY26 expansion at 7.7 per cent, while India was said to have become the world's fourth-largest economy and to be moving towards a USD 5 trillion economy. The account also highlighted large foreign exchange reserves, claimed debt-repayment capacity, and strong digital payment adoption through UPI.
    June 12, 2026
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    Retail inflation pressures intensify as food costs and fuel pass-through lift CPI and widen upside risks for monetary policy.
    Retail inflation rose to 3.93 per cent in May 2026, driven mainly by higher food prices and the pass-through of rising global energy costs into domestic petrol and diesel rates. CPI-based food inflation increased to 4.78 per cent, with sharp price pressures in perishables and other items, while the RBI's inflation objective remains 4 per cent within a tolerance band of 2 per cent on either side. The RBI had raised its inflation projection for the current fiscal year to 5.1 per cent.
    June 12, 2026
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    Contingency fund use for routine pension payments raises questions over unforeseen expenditure limits and fiscal management.
    Withdrawal from the Bihar Contingency Fund for pension payments was criticised on the ground that contingency money is meant only for unforeseen or emergent expenditure. The state's fiscal condition was described as strained, and the Bihar Contingency Fund (Amendment) Ordinance, 2025 was cited as allowing temporary enhancement of the fund up to 10 per cent of the annual expenditure budget.
    June 12, 2026
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    Foreign exchange reserves decline as lower foreign currency assets are partly offset by higher gold reserves.
    India's foreign exchange reserves declined to USD 681.610 billion in the week ended 5 June 2026, mainly due to a sharp fall in foreign currency assets. The decrease was partly offset by higher gold reserves, a marginal rise in special drawing rights, and the reported IMF reserve position.
    June 12, 2026
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    Anti-smuggling operations target foreign-origin cigarette trafficking across the North Eastern Region with major seizures and arrests.
    The Directorate of Revenue Intelligence conducted coordinated anti-smuggling operations in the North Eastern Region against foreign-origin cigarettes. Since May 2026, the operations led to seizure of about 71 lakh sticks of smuggled cigarettes, cumulatively valued at approximately Rs. 14 crore, and the arrest of four persons. A major seizure was made in Mizoram on 11 June 2026, where more than 45 lakh sticks were recovered with assistance of the 34th Battalion, Assam Rifles, and preliminary investigation indicated smuggling from Myanmar through the Zokhawthar sector.
    June 12, 2026
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    International tax and transfer pricing outreach highlights the transition to the new Income-tax Act and compliance mechanisms.
    The Income Tax Department and PwC India organised an outreach webinar on the transition to the Income-tax Act, 2025 and the new Income-tax Rules, 2026, focusing on international tax and transfer pricing. The session discussed cross-border transfer pricing, international cooperation, India's role in the global taxation ecosystem, and the relevance of Advance Pricing Agreements and Safe Harbour provisions for certainty and compliance.
    June 12, 2026
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    Precision engineering scale strengthens customer embedment as Unimech Aerospace reports order-book growth and a sharp quarterly recovery.
    Unimech Aerospace & Manufacturing Ltd. reported a rebound after tariff-related ordering delays, with its order book tripling to about ?314 crore and Q4 FY26 showing a sharp recovery in revenue, EBITDA and PAT. The company said more than 200 first-article qualifications were completed, several converting into production, and described its integrated manufacturing and qualification platform as the basis of stronger customer embedment and switching costs. It also highlighted the Hobel Bellows acquisition, nuclear orders, indigenous micro gas turbine development, and a Saudi joint venture as part of its growth strategy.
    June 12, 2026
    Show AI Summary
    Retail inflation rises on higher food and fuel prices as RBI lifts inflation outlook for the fiscal year.
    Retail inflation rose to 3.93 per cent in May, driven by higher food prices, while CPI food inflation increased to 4.78 per cent. The Reserve Bank of India factors CPI inflation in monetary policy and has a mandated headline inflation target of 4 per cent with a 2 per cent tolerance band. The RBI also raised its inflation projection, citing mounting input costs and the pass-through of higher global energy prices to retail petrol and diesel prices.
    June 12, 2026
    Show AI Summary
    India-EU free trade agreement seen as boosting Germany-India trade, manufacturing, IT and renewable energy cooperation.
    The proposed India-European Union Free Trade Agreement is expected to strengthen Germany-India trade relations and create additional opportunities for German companies to expand their presence in India. The focus includes manufacturing and information technology, with interest extending beyond established hubs such as Pune and Bengaluru to other regions of the country. Cooperation is also described in the fields of renewable energy, solar energy, environment and sustainable development, supported by the Indo-German Green and Sustainable Development Partnership.
    June 12, 2026
    Show AI Summary
    Enterprise AI and data transformation expand with a new platform lab for scalable analytics and automation.
    Enterprise AI and data transformation infrastructure was expanded through the launch of an Oracle AI Data Platform Lab and Centre of Excellence designed to address fragmented data systems, slow analytics cycles, limited AI scalability and operational inefficiencies. The facility is intended to make enterprise data AI-ready and support deployment of AI-powered applications and automation at scale using Oracle Cloud Infrastructure, Oracle Autonomous AI Database and OCI Enterprise AI. Similar labs and centres are planned in additional Indian cities.
    June 12, 2026
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    Money laundering probe over alleged CMRL-Exalogic transactions leads to fresh summons and document production requirements.
    Enforcement Directorate issued a fresh summons in a money laundering probe involving CMRL and Exalogic Solutions Private Limited, requiring appearance with relevant documents. The inquiry concerns alleged payments without services and a loan transaction said to have generated proceeds of crime, with the case registered under the Prevention of Money Laundering Act on the basis of an SFIO complaint.
    June 12, 2026
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    Money laundering probe over alleged fraudulent company transactions and bogus expenses leads to fresh questioning summons.
    Enforcement Directorate issued fresh summons in a money-laundering probe over alleged fraudulent transactions between a defunct IT company and a Kerala-based sand mining company. The investigation concerns consultancy-linked payments, loans despite repayment default, and whether the transactions generated proceeds of crime. The background also refers to alleged bogus expenditure entries, cash generation, prior searches, admissions before tax authorities, and a prosecution complaint filed after the complaint-based investigation.
    June 12, 2026
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    Responsible lending drives A&H Finverse's pan-India expansion, offering customised financing for complex business needs.
    A&H Finverse has been launched as the evolved identity of A&H Capital, with a continued emphasis on responsible lending, transparency, fairness and ethical business finance. It positions itself as a specialist in large-ticket and complex financing needs, offering customised solutions through unsecured business loans, structured finance, construction finance, trade finance, working capital solutions, crisis funding, capital raising through NCDs and structured instruments, and sector-specific funding. The firm also highlights its pan-India expansion, including South India and a branch office in Kolkata.
    June 12, 2026
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    Structured debt financing supports export-led manufacturing expansion, operational nization, and supply-chain strengthening for a textile exporter.
    A textile manufacturer and exporter secured a structured debt facility to support export-led growth, including execution of confirmed overseas orders, procurement, manufacturing, inventory management, logistics, packaging, shipment, and related working-capital needs. The secured corporate debt arrangement was tailored to the company's export cycle, liquidity requirements, and commercial expansion plans, and was also intended to fund manufacturing expansion, process automation, quality assurance systems, compliance infrastructure, and supply-chain strengthening.
    June 12, 2026
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    Rupee movement strengthens as weaker dollar, lower crude prices, and improved market sentiment support early forex trade.
    Rupee movement in early foreign exchange trade was influenced by retreating global crude oil prices, a weaker US dollar, and improved domestic equity-market sentiment. The local unit opened stronger and moved higher against the US dollar after earlier weakness, with traders attributing the gain to reduced oil-price pressure following indications of an imminent Iran-related deal and the cancellation of planned military strikes.
    June 12, 2026
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    Free trade agreements with developed economies are positioned as engines for investment, innovation, jobs and quality upgradation.
    India's strategy of entering free trade agreements with developed economies is aimed at supporting long-term growth through expanded global engagement, investment inflows, innovation, job creation, quality upgradation and deeper participation in international trade. The India-EFTA Trade and Economic Partnership Agreement is described as a framework for trade, investment and innovation-led cooperation, with the EFTA countries committing investment support and direct job creation over the implementation period, while India provides access to a large and growing market.

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      Corp. Laws / SEBI / IBC

      Assam Cabinet decides to stop Aadhaar issuance to those aged above 18 yrs

      June 13, 2026

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      Guwahati, Jun 13 (PTI) Assam Chief Minister Himanta Biswa Sarma on Saturday said his cabinet has decided that Aadhaar cards would not be issued to those aged over 18 years to ensure illegal immigrants don't acquire the document.

      In exceptional cases, the district commissioner will have to send a proposal to the state government seeking permission for issuing the card, he said at a press conference here after chairing a cabinet meeting.

      The government will then decide whether the applicant is eligible for the card, the chief minister said.

      Remarking that Aadhaar card issuance has reached a saturation point in the state, Sarma said, "In some districts, it has crossed the 100 per cent mark, and we must ascertain who these people are who are taking the additional Aadhaar cards." The step is being taken to ensure that no illegal Bangladeshis get Aadhaar cards, he said.

      Aadhaar cards will, however, continue to be issued to people from the Tea Tribe community, the Scheduled Tribes, the Scheduled Castes and the differently abled, as many are yet to receive the cards.

      "The ban will, however, be absolute from April 1, 2027, and people from these communities above the age of 18 will also stop receiving it from that date," the chief minister said.

      Aadhaar cards, however, will continue to be issued to those below the age of 18.

      Sarma had earlier said the state government would be "very strict" in issuing Aadhaar cards, and it would not be easy to get the document in Assam.

      Last year, he had said the Assam government was mulling stricter rules for the issuance of Aadhaar cards for adults as part of its efforts to curb illegal immigration from Bangladesh.

      The Supreme Court had said in a ruling on May 4 that the issuance of new Aadhaar cards only to citizens up to the age of six years require legislative intervention and appropriate amendments in the existing legal framework.

      A bench of Chief Justice Surya Kant and Justice Joymalya Bagchi gave the ruling after hearing a public interest litigation (PIL) seeking direction to the Unique Identification Authority of India (UIDAI) to issue new Aadhaar cards only to citizens up to the age of six years.

      The bench said the appropriate recourse for the petitioner would be to bring all these issues to the notice of the state and other stakeholders to enable them to take cognisance of them.

      In Assam, the biometrics of over 9 lakh people for issuing Aadhaar card were locked during the updating of the National Register of Citizens (NRC).

      A petition was filed by then TMC MP Sushmita Dev for unlocking of the biometrics in 2022 and in September 2024, the Centre had unlocked the biometrics of these people so that they could get their Aadhaar cards.

      The chief minister had then said the Centre had instructed the UIDAI to issue the cards as it has been established that there is "no correlation between inclusion of name in NRC and Aadhaar registration".

      Sarma on Saturday said the cabinet has also approved the implementation of a framework for the VB-G RAM G Act in the state. He said it would be implemented from July 1.

      The budgetary allocation is Rs 2,000 crore, and 125 man-days will be created for direct wage employment under the new rural employment generation law, he said.

      Besides providing employment, importance will be given to creating assets, Sarma added.

      The cabinet also approved the establishment of Guwahati Satellite Cities Development Authority (GSCDA) to plan, finance, and develop satellite cities in and around the city.

      This will be within the jurisdiction of the Guwahati Metropolitan Development Authority.

      It was also decided in the meeting that cabinet approval will now be required for issuing 'no objection certificates' to officers of All India Services like IAS for central and inter-state deputation, the chief minister said.

      Sarma said the budget session of the Assam Assembly will be convened on July 6, and the exact date for the budget presentation will be announced soon. PTI DG NSD DG ACD

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