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    ED case against 5 Bengaluru-based entities for 'unauthorised' cross-border crypto transactions
    Following are the top foreign stories at 2000 hours
    MPC opts for 'wait-and-watch' amid growth, inflation uncertainties: RBI minutes
    Reliance targets next growth wave through AI, satellite internet; Jio files for IPO
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    MPC Minutes: RBI Guv says need to remain watchful on generalisation of inflation
    Over 6 in 10 digital wallet users surveyed believe that RBI shouldn’t reduce the amount of money stored in digital wallets; Want it to retain or inc...
    India's forex reserves decline USD 9.98 bn to USD 671.62 bn: RBI data
    Sebi to reintroduce open market share buybacks via exchanges; eases intra-day borrowing rules for MFs
    SC flags 'deep-rooted nexus' between banks, asset reconstruction companies, borrowers over loans
    APEDA Facilitates First Export of Fresh Uttarakhand Litchi to Italy, Marking Entry into European Market
    Strait of Hormuz reopens: what it means for global energy security
    ED examines bank locker of ex-CM Vijayan’s daughter in money laundering case
    India-UK FTA more than just about trade: Foreign Secretary Vikram Misri
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    LUMIQ Raises INR 50 Crore Pre-Series B to Become the AI Decision Layer for Financial Services
    Kerala budget announces tax relief measures, EV road tax changes and amnesty schemes
    Bharat Buildcon 2026 Opens with Massive Industry Response; Attracts 25,000 Plus Visitors on Day One from 90 Plus Countries and 100 Plus Indian Cities
    GeM Partners with Common Service Centre to Expand Access to Government Procurement Opportunities Across India
    Rupee rises 20 paise to 94.20 against US dollar in early trade
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    June 19, 2026
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    FEMA investigation over alleged unauthorised crypto-based cross-border transfers and RBI unauthorised payment services
    Enforcement Directorate initiated a FEMA investigation against five Bengaluru-based companies alleged to have used cryptocurrency and virtual digital assets for cross-border money transfers without authorisation from the RBI. The allegations concern online advertising of instant crypto-based conversion and transfer services, including buying, selling and swapping cryptocurrency for global remittances, and search operations at multiple premises in Karnataka. The probe also refers to alleged circumvention of FEMA regulations through OTC deals, shell entities and foreign-based crypto platforms, along with restraint orders on certain bank accounts.
    June 19, 2026
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    Foreign exchange controls tighten as Sri Lanka moves to closely monitor imports and curb leakages.
    Sri Lanka is introducing a new regulatory framework to closely monitor imports in order to prevent foreign exchange leakages. The measure is directed at tighter oversight of import activity and is intended to curb outflows of foreign currency through the trade channel. The stated focus is on enhanced monitoring and compliance control over imports as part of broader foreign exchange management.
    June 19, 2026
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    Monetary policy wait-and-watch approach prevails as inflation, growth and external shock uncertainties keep rates unchanged.
    The Monetary Policy Committee maintained the benchmark policy rate and neutral stance, adopting a wait-and-watch approach amid heightened uncertainty over inflation and growth. Members cited the West Asia conflict, supply-chain disruptions, monsoon variability, and possible energy and food price pressures as factors making near-term projections unstable. The neutral stance was described as preserving operational flexibility to respond to changing macroeconomic conditions.
    June 19, 2026
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    Artificial intelligence and digital expansion drive Reliance growth plans alongside Jio Platforms' proposed public listing.
    Reliance outlined growth plans across artificial intelligence, satellite broadband, clean energy, consumer businesses and exports, while Jio Platforms filed draft papers for a fresh issue of shares as part of a proposed initial public offering. The digital business is positioned for broader 5G expansion, enterprise technology services and overseas commercialisation, while the AI venture is intended to build infrastructure, platforms and services for consumers, enterprises and governments. The group also highlighted clean-energy investments, a shift from oil-to-chemicals toward chemicals and advanced materials, and further expansion in retail and manufacturing.
    June 19, 2026
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    Free AI certification platform offers QR-verified credentials through Claude AI, making AI skill recognition faster and more accessible.
    Aimanthan is a free AI certification platform that gives Indian learners a QR-verified certificate in minutes at zero cost, using Claude AI to generate unique questions, evaluate answers contextually, and issue a score, grade and level based on demonstrated knowledge. Each certificate carries a unique certificate number and QR verification code for live authentication, and the platform also offers AI-powered courses, an AI tutor, college partnership programmes and alignment with Skill India, Digital India and the IndiaAI Mission.
    June 19, 2026
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    Inflation vigilance and a wait-and-watch monetary stance shape the policy response amid uncertainty and price pressures.
    The Monetary Policy Committee minutes record a wait-and-watch approach to monetary policy amid heightened uncertainty over inflation and growth. The Governor supported maintaining the policy rate unchanged while retaining a neutral stance, citing risks arising from conflict-related disruption, supply-chain pressures, and the impact of monsoon conditions on energy, food, and other commodity prices. The minutes also stress the need to remain watchful about the generalisation of inflation in the coming months.
    June 19, 2026
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    Digital wallet limits spark user opposition as survey backs retaining or increasing caps and linking them to KYC levels.
    A public survey of digital wallet users showed broad opposition to reducing wallet storage and transaction limits proposed under the draft Master Direction on Prepaid Payment Instruments, 2026. Most respondents wanted limits retained or increased, while others supported limits linked to the level of KYC or authentication completed by the user. The survey linked lower limits with inconvenience in daily payments and questioned whether tighter caps would reduce fraud. The draft framework was also noted to include higher Full-KYC wallet balances, lower cash top-up limits, transfer caps, interoperability, immediate refunds, and stricter compliance requirements.
    June 19, 2026
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    Foreign exchange reserves decline as gold reserves fall, while foreign currency assets rise in RBI data.
    India's foreign exchange reserves declined during the reporting week, primarily because of a sharp fall in gold reserves, even though foreign currency assets increased. The RBI data showed that the overall reserves fell to USD 671.625 billion, while special drawing rights and India's reserve position with the IMF also recorded marginal declines.
    June 19, 2026
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    Open market share buybacks through exchanges gain a faster route, alongside eased fund borrowing and quicker AIF fundraising.
    Reintroduction of open market share buybacks through stock exchanges provides companies with an additional mechanism for undertaking buybacks and is intended to ensure equitable opportunity and tax treatment for public shareholders. The measure is accompanied by a faster execution timeline for such buybacks. Relaxation of intra-day borrowing norms for mutual funds eases borrowing constraints, while a green-channel mechanism for alternative investment funds permits fundraising to begin within 10 working days of filing placement memorandums.
    June 19, 2026
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    Banking fraud and stressed loan settlements draw scrutiny over alleged nexus among banks, asset reconstruction companies and borrowers.
    Concerns were raised over an alleged nexus between banks, asset reconstruction companies and borrowers in the settlement of stressed loans, with emphasis on misuse of public money and inadequate recovery efforts. A plea sought a probe into alleged banking frauds involving public sector banks, asset reconstruction companies and a Noida-based infrastructure firm, including diversion of loan funds through shell companies, non-existent vendors, undisclosed bank accounts and suspected fraudulent transactions.
    June 19, 2026
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    Agri-export promotion gains momentum as fresh Uttarakhand litchi enters the European market through coordinated value-chain support.
    APEDA facilitated the first export consignment of fresh Uttarakhand litchi from Dehradun to Italy, marking entry into the European market and demonstrating the export potential of Uttarakhand's horticulture sector. The shipment reflects the growing international acceptance of India's premium fresh fruits and the expanding presence of Himalayan produce in high-value overseas markets. The initiative highlights coordinated value-chain support, quality production practices and export-oriented horticulture, while indicating better price realisation for growers.
    June 19, 2026
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    Strait of Hormuz reopening eases global energy security risks and restores free passage for commercial vessels.
    The reopening of the Strait of Hormuz restores a critical global energy chokepoint after months of disruption that had restricted shipping, pushed up crude prices and raised concerns over energy security. The memorandum of understanding contemplates free passage of commercial vessels through the Strait for a limited period, with full normalisation expected after mines and other technical obstacles are cleared. It also contemplates talks with Oman and other regional actors on longer-term administration.
    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.

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      Customs & Trade

      SKM warns Centre against India-US FTA, calls for nationwide protests if pact signed

      June 17, 2026

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      New Delhi, Jun 17 (PTI) The Samyukt Kisan Morcha (SKM) on Wednesday warned the Centre against signing a proposed Free Trade Agreement with the United States and called upon farmers across the country to prepare for a nationwide protest the day after such a pact is signed.

      The decision was taken at the SKM National Council meeting held here, which also announced a nationwide agitation on August 10 to press for a legal guarantee of Minimum Support Price (MSP) at C2 plus 50 per cent with assured procurement, repeal of free trade agreements and a comprehensive farm loan waiver.

      The C2 plus 50 per cent formula is an agricultural pricing standard recommended by the Swaminathan Commission to determine a fair MSP for crops in India. C2 stands for Comprehensive Cost.

      The farmers' body said state coordination committees and member organisations would decide the form and venue of protests in the event of the government signing the India-US Free Trade Agreement (FTA).

      As part of the campaign, the SKM will observe August 10 as a nationwide protest day, with programmes such as rail roko, rasta roko and jail bharo to be organised across states. It said details of the agitation would be finalised by its state units and constituent organisations.

      The SKM alleged that the government had declared a "falsified" MSP in the interests of US agri-business multinationals and domestic corporate groups, while weakening procurement systems and facilitating corporate control over Food Corporation of India storage infrastructure and silos.

      The farmers' body also announced protests against rising prices and alleged black marketing of urea, diesel and cooking gas.

      It reiterated demands for a rural employment guarantee of 200 days of work annually with wages of Rs 600 per day and an increase in minimum wages for casual migrant workers to Rs 26,000 per month.

      To chalk out the next phase of its campaign, the SKM will hold an all-India convention in New Delhi on July 28, bringing together state and district-level leaders.

      The organisation also announced a National Convention of Workers and Farmers on July 29 at Talkatora Stadium in Delhi, in coordination with Central trade unions.

      It further decided to convene a special session on water rights and the growing water crisis to formulate an updated policy and action plan.

      A resolution was adopted supporting the demand of student organisations for Union Education Minister Dharmendra Pradhan's resignation over the NEET paper leak issue.

      The SKM also extended support to the ongoing agitations in Hisar over water scarcity, protests against a proposed nuclear power plant project in Chhindwara, and tribal movements in Odisha opposing land acquisition.

      The meeting was presided over by the organisation's leaders, including Hannan Mollah, Darshan Pal and Sunilam. PTI AO RUK RUK

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