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    Direct tax mop-up grows 15 pc to over Rs 5.21 lakh cr on higher advance tax payments
    Andhra CM Naidu directs aquaculture feed firms to cut prices by Rs 4 per kg, manufacturers agree
    Modi, Trump direct officials to swiftly finalise trade pact: Foreign Secretary Misri
    Net income tax collection grows 15 pc to over Rs 5.21 lakh cr till Jun 17
    India to allow import of 3.78 lakh UK cars at concessional duty in first 15 years of trade pact
    Attack on ED officials: Court rejects bail plea of three accused
    Indian money in Swiss banks dips to CHF 3.25 bn; customer deposits up
    Bharat Buildcon 2026 Inaugurated Under the Theme ‘One Nation, One Expo’
    Rahul Gandhi only hugs people of same caste, alleges CPI(M) leader Balan
    India-UK social security pact to benefit 90-95 pc of Indian professionals working in Britain
    OFCD case: SC agrees to hear SEBI's plea against SAT relief to SICCL managers
    Gold imports drop 70 pc to 30 tonnes after duty hike: Official
    ED carries out searches across Kerala in organ donation racket money laundering probe
    India and the United Kingdom Unleash a Next Generation Economic Corridor: Comprehensive Economic and Trade Agreement (CETA) and Agreement on Social Se...
    Modi, Trump direct officials to fast-track 'commercially meaningful' trade Pact
    President Lula warns Trump not to meddle in Brazil's elections
    India to allow reduced-duty import of 3.78 lakh UK cars in first 15 years of trade pact
    NSE Files for Rs 30,000-cr IPO; set to become India's biggest-ever public issue
    India-UK trade pact: 5-yr exemption from social security payments to benefit 75,000 Indian professionals
    India-UK trade pact: 85 pc of India's exports out of British steel measures
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    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
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    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.
    June 18, 2026
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    Money laundering probe over forged organ donation racket focuses on intermediaries, hospital transactions, and verification bypasses.
    Enforcement Directorate searches were conducted at hospitals and residences across Kerala in a money laundering probe linked to an alleged racket facilitating illegal organ donations through forged documents. The investigation was based on multiple police FIRs, with preliminary material indicating that intermediaries arranged donations between donors, recipients and hospitals for substantial sums. Investigators were examining bank transactions and medical records connected with the alleged organ donation arrangements. Police enquiries also indicate that the accused forged hospital letterheads, police clearance certificates and recommendation letters to bypass verification and clearance requirements.
    June 18, 2026
    Show AI Summary
    Trade and social security framework expands duty-free access, services mobility, and temporary worker contribution relief.
    India and the United Kingdom will bring CETA and the Agreement on Social Security into force on 15 July 2026, creating a broad trade and mobility framework covering goods, services, digital trade, telecommunications, financial services, intellectual property, government procurement, innovation, SMEs, sustainability and transparency. CETA provides immediate duty-free access for nearly 99% of India's exports to the UK, expands services market access across 137 sub-sectors, and preserves protection for sensitive Indian sectors. The Social Security Agreement exempts temporary workers from dual contributions and extends the exemption period from 3 years to 5 years.
    June 18, 2026
    Show AI Summary
    Trade agreement talks advance as India and the United States push for a balanced, commercially meaningful pact.
    Trade negotiations between India and the United States were advanced through a directive by the two leaders to their officials to work towards a balanced, mutually beneficial and commercially meaningful interim bilateral trade agreement at the earliest. The talks were described as having made significant progress, with further negotiations already underway and a visiting trade representative expected to take them forward. Both sides also reaffirmed commitment to strengthen the India-US Comprehensive Global Strategic Partnership and expand cooperation across defence, strategic technologies, energy and bilateral trade.
    June 18, 2026
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    Foreign interference in elections fuels Brazil-US tensions amid tariff disputes, sanctions, and criticism of drug-cartel designations.
    Brazilian President Luiz Inacio Lula da Silva warned against foreign interference in Brazil's October presidential election after remarks by the US President and renewed criticism linked to judicial action involving Lula's political rivals. The dispute reflects escalating tensions between Brazil and the United States over Brazil's domestic politics, including US sanctions against a Brazilian Supreme Court Justice and public comments about the Bolsonaro family. The article also notes proposed additional tariffs on Brazilian imports and Lula's criticism of the US designation of two Brazilian drug-trafficking groups as foreign terrorist organizations.
    June 18, 2026
    Show AI Summary
    Phased customs duty cuts and quota limits govern UK passenger car imports under the India-UK trade pact.
    India-UK trade pact provides phased reduction of customs duty on passenger vehicle imports from the UK, with quota-based access across specified engine-capacity and price bands. Conventional-engine passenger cars receive concessional treatment over 15 years, while electric, hybrid and hydrogen passenger cars are covered only from later years under limited quotas and reduced duties. Vehicles priced below GBP 40,000 CIF are excluded from market opening, and zero-emission two-wheelers, buses and trucks are excluded from any preferential customs duty concession.
    June 17, 2026
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    Offer for sale structure drives National Stock Exchange's long-delayed public listing filing after regulatory hurdles ease.
    National Stock Exchange filed preliminary papers for a proposed initial public offering structured entirely as an offer for sale by existing shareholders. The filing follows board approval and a no-objection certificate, after years of delay caused by regulatory concerns, including the co-location controversy and governance lapses. The exchange later made further compliance representations, appointed merchant bankers and other advisers, and pursued settlement in the unfair market access matter, with in-principle approval of that settlement described as removing a key obstacle to the proposed listing.
    June 17, 2026
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    Social security exemption for Indian workers in the UK extends to five years under the trade pact.
    Social security arrangements under the India-UK trade pact provide a temporary exemption from dual social security contributions for Indian workers and employers in the United Kingdom during overseas assignments. The exemption period is extended from three years to five years, applying to employees seconded from India to support UK operations. The arrangement is intended to preserve continued social security coverage during temporary postings and to facilitate labour mobility between the two countries.
    June 17, 2026
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    Steel trade safeguards shape India-UK CETA implementation as quota limits and tariff rules are adjusted for exporters.
    India-UK CETA is set to enter into force from 15 July 2026, with steel trade arrangements designed to keep a substantial share of India's exports outside the UK's safeguard measures. India's interests are said to be protected through country-specific quota, residual quota and access under the Authorised Use Scheme, while the UK's new steel regime will limit tariff-free imports, reduce quota volumes and impose a higher tariff on imports above the permitted levels. The article also notes the UK's planned carbon border adjustment mechanism from 2027.

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      Customs, DGFT & SEZ

      APEDA Facilitates First Export of Fresh Uttarakhand Litchi to Italy, Marking Entry into European Market

      June 19, 2026

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      The Agricultural and Processed Food Products Export Development Authority (APEDA), under the Ministry of Commerce & Industry, Government of India, facilitated the first export consignment of fresh Uttarakhand litchi from Dehradun to Italy on 18 June 2026. This milestone marks the entry of Uttarakhand's premium litchi into the European market and reflects the growing international acceptance of India's high-quality fresh fruits.

      The inaugural consignment, comprising one metric tonne of fresh litchi, was exported to Italy, showcasing the export potential of Uttarakhand's horticulture sector. The shipment is expected to strengthen India's presence in international fresh fruit markets while promoting premium produce from the Himalayan region.

      Dehradun litchi is widely recognised for its distinctive sweetness, attractive red colour, delicate aroma and superior pulp quality. The region is known for renowned varieties such as Rose Scented, Calcuttia and Bedana. The favourable agro-climatic conditions of Uttarakhand, particularly in the districts of Dehradun, Haridwar, Nainital and Udham Singh Nagar, contribute significantly to the fruit's premium quality and market appeal.

      The export initiative has also resulted in improved returns for growers, with farmers receiving prices approximately 25 per cent higher than prevailing domestic market rates. The development is expected to encourage wider adoption of quality production practices and greater participation in export-oriented horticulture.

      The shipment was facilitated through the coordinated efforts of APEDA, the Government of Uttarakhand, exporters, farmer producer organisations (FPOs), logistics partners and other stakeholders. The initiative highlights the importance of collaboration across the value chain in enabling international market access for Indian agricultural produce.

      The export of Uttarakhand litchi to Italy represents a significant step towards diversifying export destinations for India's fresh fruits and reinforces the country's reputation as a reliable supplier of premium horticultural products.

      APEDA continues to advance India's agri-export agenda through market development initiatives, quality assurance mechanisms, infrastructure support and capacity-building programmes aimed at enhancing farmers' access to high-value international markets.

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