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May 29, 2026
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GST return compliance triggers provisional assessment, tax demand and proposed registration cancellation for persistent filing defaults.
GST authorities initiated action for persistent non-filing and delayed filing of GST returns, leading to a provisional assessment of tax liability under the CGST and SGST framework. The department issued a tax demand based on repeated irregularities in return compliance and also proposed cancellation of GST registration through a show-cause notice. The matter concerns return-filing obligations, provisional assessment, tax demand, and registration-cancellation proceedings under GST law.
May 29, 2026
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L-1 liquor licence denial turns on whether pending money laundering prosecution can justify refusal under excise law.
Wholesale liquor supply L-1 licence was denied on the basis of a pending money laundering prosecution. The challenge argued that, without conviction, there was no criminal background for licence denial under the Delhi Excise Act, and that discharge in the scheduled offence undermined the PMLA case. The High Court declined to interfere with the refusal and treated the pending prosecution as relevant to the licence applications.
May 29, 2026
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On-screen marking transparency faces answer-sheet mix-ups as CBSE reviews scanning quality and portal integration issues.
Around 20 answer-sheet mix-up cases were reported in CBSE's first-time on-screen marking process, with students identifying mismatched scanned copies through the portal. The board later shared the correct answer sheets with affected students and treated the complaints as top-priority concerns in the revaluation process. Scanning-quality issues also led to rescanning of about 68,000 answer sheets, while a little over 13,000 still did not attain the required legible quality even after rescanning.
May 29, 2026
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Rupee strength against the US dollar gains support from softer crude, weaker dollar and improved US-Iran ceasefire sentiment.
The rupee strengthened against the US dollar on improved market sentiment after optimism over a US-Iran ceasefire extension, lower crude oil prices and a softer dollar. Market participants also noted suspected central bank support, while attention shifted to the upcoming RBI Monetary Policy Committee meeting and its balance between currency stability and inflation management. Broader market conditions showed equity weakness, net foreign institutional selling and a decline in India's foreign exchange reserves.
May 29, 2026
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PMLA jurisdiction dispute over ED probe before scheduled offence and natural justice objections in appeal
CMRL has filed an appeal challenging an order permitting the Enforcement Directorate to continue a PMLA investigation before a formal FIR or final report by the SFIO. The company contends that no scheduled offence existed when the probe began and that a later complaint could not retrospectively confer jurisdiction on the ED. It also raises a natural justice objection, alleging that additional affidavits were allowed after reservation and that it was denied an opportunity to respond.
May 29, 2026
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Special economic zones notified in Puducherry for IT/ITES and multi-sector development under the SEZ framework.
The government has notified two special economic zones in Puducherry for development under the SEZ framework. One is an IT/ITES SEZ proposed by Oulgaret Municipality at Thattanchavady village in Oulgaret Taluk, and the other is a multi-sector SEZ proposed by the Pondicherry Industrial Promotion Development and Investment Corporation at Karasur village in Villianur Taluk. The proposals had already received approval from the Board of Approval for SEZs under the Department of Commerce.
May 29, 2026
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Macroeconomic resilience and inflation risks shape RBI's outlook amid West Asia tensions, monsoon dependence and El Nino concerns.
India's growth outlook remains supported by strong macroeconomic fundamentals, private consumption, investment and public capital expenditure, even though the economy may face near-term headwinds from the West Asia conflict, elevated energy prices, supply chain disruptions, financial market volatility, uncertainty in global trade policies and weather-related disruptions. The agriculture sector remains dependent on the south-west monsoon, and El Nino conditions create downside risks to output. Inflation is expected to remain broadly aligned with target, though upside risks may arise from global fuel and commodity prices, input and wage costs, and exchange-rate volatility.
May 29, 2026
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Special Economic Zones in Puducherry expand industrial growth, investment, exports and employment through IT/ITES and multi-sector projects.
Two new Special Economic Zones were notified in Puducherry after approval by the Board of Approval for SEZs under the Department of Commerce. One is an IT/ITES SEZ to be developed by M/s Oulgaret Municipality at Thattanchavady village in Oulgaret Taluk, described as the first SEZ in India to be developed by an urban local body. The other is a multi-sector SEZ to be developed by M/s Pondicherry Industrial Promotion Development and Investment Corporation at Karasur village in Villianur Taluk.
May 29, 2026
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Unclaimed financial assets portal launched to simplify access to bank deposits, insurance claims, shares and mutual funds.
A Common Landing Portal for Unclaimed Financial Assets has been launched as a single unified online platform to facilitate citizen search and tracing of unclaimed bank deposits, insurance claims, shares, dividends and mutual funds across the financial ecosystem. The portal provides consolidated access to multiple search facilities relating to unclaimed financial assets and is intended to improve convenience, awareness and access to information.
May 29, 2026
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Digital fixed deposits combine competitive returns, paperless onboarding and Video KYC for resident investors seeking secure banking convenience.
Competitive fixed deposit products are being marketed to depositors seeking stable returns, low-risk exposure, capital protection and digital convenience, with emphasis on RBI-regulated banking frameworks, paperless onboarding and online maturity management. The Equitas Digital Full KYC Digital Fixed Deposit is presented as a fully digital deposit option available through mobile-app onboarding and Video KYC, with deposit insurance coverage under the Deposit Insurance and Credit Guarantee Corporation framework.
May 29, 2026
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Rupee depreciation and operating disruptions weigh on IndiGo's performance, while capacity and income still rise.
Rupee depreciation, challenging operating conditions, flight disruptions and changes in labour laws materially affected IndiGo's financial performance for the March quarter and the 2025-26 fiscal. The airline reported a net loss for the quarter and for the full year, while stating that its revenue and capacity still increased during the period. Excluding foreign exchange and exceptional items, it said it would have reported a profit, and it noted further expected capacity growth in the June quarter.
May 29, 2026
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Rupee internationalisation gains ground as import-export invoicing rises and fraud reporting remains a major banking concern.
Rupee invoicing for imports and exports has increased over the years, reflecting a continuing process of INR internationalisation in trade transactions. The Reserve Bank's data indicates that wider use of the domestic currency in cross-border invoicing is being treated as mutually beneficial to trading partners. Banks and financial institutions have also reported a large number of fraud cases, underscoring continuing compliance and risk-management concerns within the financial sector.
May 29, 2026
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Foreign exchange reserves decline as RBI reports broad-based weekly fall across currency assets, gold, SDRs and IMF reserves.
India's foreign exchange reserves declined during the reporting week, with the overall forex kitty falling as the Reserve Bank of India reported reductions in foreign currency assets, gold reserves, Special Drawing Rights and the reserve position with the IMF. The decrease in reserves was spread across the principal reserve components rather than confined to a single item, indicating a broad-based weekly contraction in external reserve assets.
May 29, 2026
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Corporate and financial forum spotlights India's macro outlook, capital markets, AI and investment trends.
Citi will host its flagship India Conference 2026 in Mumbai as a two-day corporate and financial forum bringing together clients, senior executives, investors and other market participants for engagement, networking and knowledge-sharing. The conference agenda will cover the macroeconomic outlook, policy environment, capital markets, emerging investment trends, artificial intelligence, digital infrastructure and innovation.
May 29, 2026
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India-U.S. trade and investment ties strengthened through business talks on technology, healthcare, finance and supply chain resilience.
Strengthening India-U.S. trade and investment relations through high-level business engagements focused on expanding cooperation with global industry leaders in financial services, healthcare, digital payments, manufacturing, innovation, artificial intelligence, and emerging technologies. The discussions highlighted opportunities for global businesses in India, supply chain resilience, India's attractiveness as an investment destination, economic reforms, ease of doing business, and deeper industry-to-industry collaboration.
May 29, 2026
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AI governance framework launch for secure adoption, operational oversight, and compliance alignment across enterprise AI systems.
A cybersecurity and standards body has launched the Adopt. Defend. Govern. (ADG) AI Framework and a free AI Readiness Self-Assessment Tool to help organizations securely adopt, operationalize, and govern artificial intelligence at scale. The framework presents a unified governance structure with three pillars, 12 minimum controls, nine governance surfaces, implementation overlays, and accountability mechanisms for AI systems, agentic AI environments, multi-model architectures, and large language model ecosystems. It is designed to align with major global AI governance and security standards and reduce compliance fragmentation.
May 29, 2026
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Securities market fraud and disclosure violations: Supreme Court sets aside disgorgement while sustaining penalty for position-limit breach
The Supreme Court partly allowed the appeal in SEBI proceedings concerning trading in Reliance Petroleum Ltd. shares and set aside the finding of fraud under the PFUTP Regulations as well as the disgorgement order. It nevertheless upheld the penalty linked to violation of disclosure requirements under the SEBI circular on position limits. The Court also directed refund of the amount deposited in the Investor Protection Fund under an earlier interim order.
May 29, 2026
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Rupee strength amid softer crude and dollar weakness as markets await the RBI Monetary Policy Committee meeting.
The rupee strengthened against the US dollar on renewed optimism after the US and Iran extended the ceasefire and agreed to fresh talks. Softer crude oil prices and a weaker dollar supported the currency, while traders warned that renewed US-Iran tensions could pressure the rupee. Market focus turned to the upcoming RBI Monetary Policy Committee meeting, where the central bank may weigh currency stability alongside inflation management.
May 29, 2026
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Indian Rupee internationalisation gains momentum as trade invoicing and settlement rise across imports and exports.
The Reserve Bank of India reports a sustained increase in the use of Indian Rupee (INR) for import and export invoicing and settlement, reflecting the broader internationalisation of the currency through its use in current and select capital account transactions. Greater use of INR as an invoicing and settlement currency is associated with reduced exchange rate risk, lower dependence on costly foreign exchange reserves in convertible currencies, lower transaction costs, and the development of bilateral exchange rate markets.
May 29, 2026
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Fraud reporting and cyber resilience take centre stage as advances dominate losses and the RBI expands drill-based preparedness.
Banks and financial institutions reported a large volume of fraud cases in 2025-26, with the advances category accounting for the dominant share in value terms and replacing card, internet and digital payment fraud as the principal area of exposure. Public sector banks and private sector banks recorded fewer fraud cases year-on-year, but the amount involved in such frauds increased, while foreign banks, small finance banks and payments banks reported comparatively lower volumes. The Reserve Bank has operationalised a Cyber Range initiative through a platform at IDBRT to strengthen cyber resilience across supervised entities.

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Customs & Trade

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

June 19, 2026

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25,000+ Visitors on Day One, Participation from 90+ Countries; India's Construction Sector Contributes Nearly 9% to GDP and Employs Over 51 Million People New Delhi [India], June 18: Bharat Buildcon 2026 – One Nation, One Expo, India's premier exhibition for the building materials and construction industry, commenced on a grand note today at the Yashobhoomi Convention Centre, New Delhi. The mega expo witnessed an overwhelming response with more than 25,000 visitors on the inaugural day, including architects, builders, developers, contractors, manufacturers, traders, policymakers, industry associations, and international buyers.

The event was inaugurated in the esteemed presence of Shri Manohar Lal, Union Minister, Ministry of Housing and Urban Affairs, Shri Jitin Prasada, Minister of State, Ministry of Commerce & Industry and Ministry of Electronics & Information Technology, and Shri Parshottam Rupala, Member of Parliament, alongside leading industrialists and representatives from the construction and building materials ecosystem.

Bringing together stakeholders from 90+ countries and over 100 cities across India, Bharat Buildcon 2026 has emerged as one of the largest global platforms for the building materials sector. The exhibition features products and innovations across 24 major categories, including Ceramic & Stone, Hardware, Cement & Steel, Plywood & Laminates, Furniture, Sanitaryware, Electricals, Paints, Construction Technologies, and several other segments that collectively drive India's infrastructure and housing growth.

India's construction and building materials sector is emerging as one of the most significant pillars of the nation's economic growth. The construction sector currently contributes approximately 9% to India's GDP and supports employment for more than 51 million people, making it the country's second-largest employment generator. Industry estimates suggest that India's construction market, valued at nearly USD 685 billion in 2025, is expected to surpass USD 1.24 trillion by 2034, driven by infrastructure investments, urbanization, housing demand, industrial expansion, and government-led development initiatives.

Industry experts believe that large-scale trade exhibitions such as Bharat Buildcon play a critical role in strengthening supply chains, accelerating technology adoption, generating business opportunities, facilitating exports, and attracting foreign investments into India's manufacturing sector.

Speaking on the significance of global participation, Mr. Vishal Acharya, Director, Bharat Buildcon, said "The presence of buyers, distributors, and sourcing professionals from more than 90 countries demonstrates the growing confidence of the global market in India's manufacturing capabilities. Bharat Buildcon serves as a gateway connecting Indian manufacturers with international demand, creating significant export opportunities across building materials categories. Every international buyer visiting India contributes not only to business generation but also strengthens India's position as a global sourcing hub. Such engagements accelerate foreign exchange earnings, promote 'Make in India' products worldwide, and help Indian brands expand their footprint across global markets. The response we have witnessed reinforces India's emergence as one of the most preferred destinations for construction and building material sourcing." Highlighting the strong domestic participation, Mr. Jitendra Kathiriya, Director, Bharat Buildcon, said "The participation from more than 100 Indian cities reflects the scale and diversity of India's building materials industry. Bharat Buildcon has become a common platform where manufacturers, distributors, architects, developers, retailers, and project consultants come together to create business opportunities. Events of this magnitude generate benefits across multiple sectors including hospitality, transportation, logistics, retail, construction, and services. With over 25,000 visitors on the very first day and thousands of business meetings taking place, the exhibition is expected to facilitate substantial commercial transactions and long-term partnerships. Such industry platforms are instrumental in strengthening domestic trade networks and contributing to India's vision of becoming a multi-trillion-dollar economy." Commenting on the importance of export promotion and international trade, Mr. Nilesh Jetpariya, Chairman, CAPEXIL, said "India's building materials sector is rapidly emerging as a globally competitive industry backed by quality manufacturing, innovation and scalability. The strong participation from international buyers at Bharat Buildcon demonstrates the growing demand for Indian products worldwide. Such exhibitions create valuable opportunities for exporters to showcase their capabilities, expand into new markets and strengthen India's export footprint. Bharat Buildcon is playing a crucial role in connecting Indian manufacturers with global business opportunities and supporting the government's vision of increasing exports and promoting Make in India on the world stage." The inaugural day witnessed strong engagement across exhibition halls, with exhibitors reporting high footfalls, productive buyer meetings, and significant business enquiries from both domestic and international visitors. Several exhibitors showcased innovative products, sustainable construction solutions, advanced manufacturing technologies, and next-generation building materials designed to support India's rapidly evolving infrastructure landscape.

As India continues its journey toward becoming a global economic powerhouse, industry-led platforms like Bharat Buildcon are expected to play a pivotal role in driving manufacturing excellence, boosting exports, encouraging innovation, and strengthening India's position in the global construction value chain.

Bharat Buildcon 2026 will continue until June 22, 2026, at the Yashobhoomi Convention Centre, New Delhi, and is expected to welcome tens of thousands of additional visitors, buyers, and industry stakeholders over the coming days.

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

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