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    India-UK trade pact to come into force from July 15
    SKM warns Centre against India-US FTA, calls for nationwide protests if pact signed
    India-UK trade deal to come into effect on July 15: PM Modi and PM Starmer
    Navi Mumbai Airport to launch international operations on July 15
    ED questions Vijayan’s daughter Veena for over nine hours in CMRL money laundering case
    India-UK free trade pact to come into force on July 15
    Rs 138 cr duty evaded on walnut imports by falsifying consignment origins; 5 held
    Advisory on e-Invoice API and e-Way Bill by IRN API changes for mandatory capture of Ship-to GSTIN and Voluntary Closure of e-Way Bill
    Appointment of Chairperson and Members in the National Statistical Commission
    India-EU free trade deal to be inked by year-end: Ursula von der Leyen
    Digital systems secure, says Axis Bank amid AI platform-driven vulnerability claims on cybersecurity
    HIGHLIGHTS
    Gold price tumbles Rs 4,800 to Rs 1.54 lakh/10g, silver drops Rs 5,300
    India's exports hit record USD 863 billion in FY 26 amid West Asia turmoil and US tariffs: Official
    Rs 138 cr fraud of customs duty evasion on walnut import busted in Navi Mumbai; 5 held so far
    TN's excise revenue lags behind K'taka, Maharashtra: Govt
    Ex-Kerala CM's daughter Veena appears for questioning before ED in PMLA case
    CCI approves subscription of certain equity shareholding by Kedaara Pearl Holding and Kedaara Capital Fund IV AIF in Axis Finance Limited
    CCI approves proposed combination involving acquisition of PGIM India Asset Management and PGIM India Trustees by TVS Emerald Ltd. and TVS Venu Manage...
    CCI approves the proposed combination involving inter-alia subscription to certain CCPS and acquisition of certain equity share capital of Romsons Gro...
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    June 17, 2026
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    India-UK free trade pact expands duty-free market access and extends social security relief for temporary workers.
    India and the United Kingdom will bring into force the free trade agreement and the Agreement on Social Security, or Double Contribution Convention, on 15 July 2026 after completing internal procedures and ratifications. The pact is said to provide immediate duty-free access for 99 per cent of Indian exports, tariff reductions on selected British goods, and broader market access for services, while preserving exclusion lists for sensitive sectors. The Double Contribution Convention will exempt Indian companies in the UK from social security contributions for up to five years for employees sent from India.
    June 17, 2026
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    Minimum Support Price guarantee and trade pact opposition drive a nationwide farmers' protest campaign.
    Opposition to the proposed India-US Free Trade Agreement centred on demands for a legal guarantee of Minimum Support Price at C2 plus 50 per cent with assured procurement, repeal of free trade agreements, and a comprehensive farm loan waiver. The campaign also included planned nationwide protest action, protest forms to be by state bodies, and related demands on rural employment, wages, water rights and other local agitations.
    June 17, 2026
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    Trade liberalisation and tariff cuts under the India-UK economic pact are set to begin on 15 July 2026.
    The India-UK Comprehensive Economic and Trade Agreement is scheduled to enter into force on 15 July 2026, initiating a framework for deeper bilateral trade, investment and market access. The agreement is described as providing substantial tariff liberalisation across goods and services, including staged reductions or elimination of duties on selected products, and reciprocal social security coordination for highly skilled professionals on pre-existing visa routes.
    June 17, 2026
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    International passenger and freighter operations set to begin at Navi Mumbai airport as customs readiness nears completion.
    Navi Mumbai International Airport is expected to commence international passenger flights and international freighter operations from July 15, with Air India Express and IndiGo reported as the initial operators. Customs readiness for international operations was nearing completion, including relevant notifications and trial procedures for courier and cargo systems, with a further trade notice anticipated. The operator also said cargo would follow a hub-and-spoke model and that planning had begun for the next phase of terminal expansion.
    June 17, 2026
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    Money laundering probe over alleged sham payments and loans draws ED questioning in transactions linked to proceeds of crime.
    Enforcement Directorate questioning in a money laundering probe concerned alleged transactions between a now-defunct IT firm and a mining company, including payments said to have been made without corresponding services and loans allegedly extended despite delayed repayment. The agency alleged that these dealings generated proceeds of crime and summoned relevant documents relating to the firm's transactions. The investigation was registered under the Prevention of Money Laundering Act on the basis of a prosecution complaint filed by the Serious Fraud Investigation Office.
    June 17, 2026
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    India-UK free trade pact and social security convention set to take effect together from 15 July 2026.
    The India-UK Comprehensive Economic and Trade Agreement (CETA) is scheduled to enter into force on 15 July 2026, marking the commencement of the bilateral free trade pact. The Agreement on Social Security, also described as the Double Contribution Convention (DCC), will take effect on the same date.
    June 17, 2026
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    Country-of-origin fraud in walnut imports triggered customs duty evasion, arrests, and conditional release of seized consignments.
    Fraudulent walnut imports were allegedly routed through Nhava Sheva Port by falsely declaring non-Afghanistan consignments as Afghanistan-origin to claim preferential tariff benefits under SAFTA, using forged transit bills of lading and proxy importers. Five persons were arrested and searches yielded digital and documentary evidence. In a related writ petition, conditional release of seized consignments was permitted only against deposit of the full differential duty or a bank guarantee of equivalent amount.
    June 17, 2026
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    Ship-to GSTIN compliance and voluntary e-way bill closure reshape IRN and e-invoice API operations before production rollout.
    Mandatory capture of Ship-to GSTIN has been introduced across specified e-Invoice API, e-Way Bill by IRN API and EWB Closure API flows, with URP permitted where GSTIN is not available. The revised framework requires a valid and distinct Ship-to GSTIN in Bill-to/Ship-to transactions, together with state code and PIN code validations, while export and B2B/SEZ scenarios are subject to specific treatment for ship details. A voluntary closure facility for e-Way Bills has also been introduced, with portal and API-based closure available using the EWB number, closure date and remarks.
    June 17, 2026
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    Statistical governance and coordination strengthened through appointments to the National Statistical Commission and its standard-setting role.
    Appointment of the Chairperson and Members of the National Statistical Commission was approved, with Dr. Saibal Chattopadhyay as Chairperson and three Members appointed. The Commission is a nodal body for core statistical activities, responsible for statistical priorities, standards and coordination. Its functions include standardising concepts, definitions, classifications and methodologies, improving public trust in official statistics, laying down quality standards, coordinating with governments and ministries, undertaking statistical audit, and monitoring the statistical system for performance improvement.
    June 17, 2026
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    India-EU free trade agreement advances with investment, defence cooperation and connectivity talks on the agenda.
    India and the European Union are to advance their trade and economic engagement by finalising a free trade agreement by the end of the year and accelerating work on an investment agreement. The two sides also identified wider areas of cooperation, including stepped-up security and defence cooperation and collaboration on connectivity through the India-Middle East-Europe Corridor.
    June 17, 2026
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    Cybersecurity in banking hinges on distinguishing system breaches from customer deception, while faster patch deployment becomes critical against AI-driven vulnerability discovery.
    Cybersecurity in banking requires a distinction between internal system breaches and cyber fraud caused by customer deception through phishing and social engineering. A private sector bank said its systems remain secure and that fraud incidents have not stemmed from weaknesses in its cybersecurity architecture. It also identified the main AI-related risk as faster discovery of software vulnerabilities, making quicker patch deployment and remediation essential.
    June 17, 2026
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    Temporary platform restriction and NEET re-test challenge raise access, compliance, and procedural concerns.
    Temporary restriction on access to a messaging platform has prompted a challenge before the Delhi High Court, with the restriction reported as being linked to the period before the NEET-UG re-examination. The development raises a compliance and access issue concerning the basis and scope of the government order affecting the platform. Judicial and parliamentary proceedings are also reported on the NEET-UG re-test and on proposed legislation to decriminalise politics, including a Supreme Court hearing on the re-test plea and committee consideration of detention-linked removal from office for serious crimes.
    June 17, 2026
    Show AI Summary
    Precious metals prices fall as a strong rupee, weak global trends and caution ahead of US policy decisions weigh on demand.
    Gold and silver prices fell sharply in domestic bullion markets amid a strong rupee, weak global trends and subdued investor demand. Traders stayed away from precious metals as equity markets offered higher returns, while analysts linked caution to key US economic events, including the Federal Reserve's monetary policy decision, and to developments ahead of the scheduled US-Iran meeting.
    June 17, 2026
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    Special Economic Zones drive India's export growth, with Gujarat emerging as a major hub for investment and semiconductor expansion.
    India's export sector recorded an all-time high of USD 863 billion in FY 2025-26 despite disruption from the West Asia conflict and US tariffs, driven by engineering goods, petroleum products, electronics, pharmaceuticals, gems and jewellery, and chemicals. Gujarat emerged as a major contributor, and the discussion highlighted the role of Special Economic Zones in investment, employment, innovation, and export expansion, including newly notified semiconductor SEZ projects and a policy focus on promoting additional SEZs.
    June 17, 2026
    Show AI Summary
    Customs duty evasion through false origin claims on walnut imports exposed in a SAFTA-linked routing racket.
    Customs authorities uncovered a walnut-import duty evasion racket at Nhava Sheva in which consignments were routed through Jebel Ali and falsely shown as originating from Afghanistan to claim preferential tariff benefits under SAFTA. The scheme allegedly used forged transit bills of lading and a fictitious transit trail to support false country-of-origin claims, causing substantial revenue leakage. Five persons have been arrested, searches yielded digital and documentary evidence, and further investigation continues into beneficiaries, facilitators, financial linkages and connected consignments.
    June 17, 2026
    Show AI Summary
    Excise duty revenue gap widens as liquor tax remains a major share of own tax revenue.
    State excise duty collections are reported to lag behind peer states, with the state recording the lowest absolute collection among the compared jurisdictions. The data shows a smaller excise base and slower growth than the peer states, making the revenue gap a significant part of the overall State Own Tax Revenue position. Excise duties and VAT on liquor together still form a substantial share of own tax revenue, making liquor-related taxation consequential for the state's fiscal position.
    June 17, 2026
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    Money laundering allegations drive questioning over disputed corporate transactions and alleged proceeds of crime under PMLA.
    Money laundering allegations concern transactions between a now-defunct IT firm and a mining company, with the Enforcement Directorate questioning Veena T and seeking documents on the dealings. The inquiry relates to alleged payments by Cochin Minerals and Rutile Ltd. without services in return, and loans extended to Exalogic by another company connected with the same management. The agency has alleged generation of proceeds of crime and registered the matter under the Prevention of Money Laundering Act on the basis of a prosecution complaint filed by the Serious Fraud Investigation Office.
    June 17, 2026
    Show AI Summary
    Competition Commission approval for equity subscription in a financial services company through a proposed combination
    Competition Commission approval was granted for a proposed combination involving the subscription of certain equity shareholding by Kedaara Pearl Holding and Kedaara Capital Fund IV AIF in Axis Finance Limited. The transaction concerns a minority equity subscription in a financial services enterprise, with the Commission's detailed order stated to follow.
    June 17, 2026
    Show AI Summary
    Proposed combination approval for acquisition of asset management and trustees businesses by TVS entities.
    Approval of a proposed combination involving acquisition of 100% of the issued, subscribed and paid-up share capital of PGIM India Asset Management Private Limited and PGIM India Trustees Private Limited by TVS Emerald Limited and TVS Venu Management and Consultancy Services Private Limited. TVS Emerald Limited is engaged in real estate development in India, while TVS Venu Management and Consultancy Services Private Limited presently has no business activities. The target entities are engaged in wealth management, including mutual funds, portfolio management services, alternative investment funds and investment advisory services.
    June 17, 2026
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    Competition clearance for acquisition and CCPS subscription in Romsons Group under a proposed internal restructuring.
    Competition Commission of India clearance was granted for a proposed combination involving internal restructuring of the Romsons Group and the subscription to compulsorily convertible preference shares together with acquisition of equity share capital in Romsons Group Private Limited by Jongsong Investments Pte. Ltd. The acquirer is an investment holding company and an indirect wholly owned subsidiary of Temasek Holdings Private Limited. The target is engaged in the manufacture and sale of medical devices and personal care and hygiene products.

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      Customs & Trade

      Following are the top foreign stories at 2000 hours

      June 19, 2026

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      FGN53 WASIA-HORMUZ-EXPLAINER

      Strait of Hormuz reopens: what it means for global energy security Dubai/New Delhi:The reopening of the Strait of Hormuz marks the end of nearly four months of disruption that sent crude oil prices soaring and heightened concerns over global energy supplies.

      FGN40 US-IRAN-TIMELINE

      US-Iran conflict: Timeline of key events Washington/Islamabad: As an agreement to restore peace in West Asia comes into effect and the Strait of Hormuz reopens, following the signing of a memorandum of understanding by US President Donald Trump and his Iranian counterpart Masoud Pezeshkian, we look into the timeline of the conflict.

      FGN44 US-IRAN-KEY PLAYERS

      Key players in US-Iran peace deal Dubai: As an agreement between the US and Iran aimed at restoring peace in West Asia comes into effect, we look at the key players shaping diplomacy on all sides.

      FGN38 UN-INDIA-PAK

      India calls Pakistan a ‘Frankenstein state' at UN; accuses it of supporting terrorism United Nations: India has slammed Pakistan at the United Nations, calling it a "Frankenstein state" that gets shocked when its "own monster bites back", as it accused Islamabad of "hosting, training and deploying" terrorists.

      FGN60 LANKA-IMPORTS

      Sri Lanka to closely monitor imports to prevent forex leakages Colombo: Sri Lanka will closely monitor imports under a new regulatory framework aimed at preventing foreign exchange leakages, Deputy Finance Minister Anil Jayantha Fernando said on Friday.

      FGN16 US-INDIA-BIGOTRY-LAWMAKER

      Congressman Krishnamoorthi flags incidents of anti-India hate in US Washington: Congressman Raja Krishnamoorthi has voiced concern on the increase in anti-India hate incidents in the US and urged Americans to stand against bigotry, prejudice and discrimination.

      FGN45 UK-INDIA-FTA-MISRI

      India-UK FTA more than just about trade: Foreign Secretary Vikram Misri Paris:The India-UK Free Trade Agreement (FTA) goes beyond just trade and technology to open many doors for the people in both countries, Foreign Secretary Vikram Misri has said.

      FGN17 US-IRAN-LD VANCE

      Vance delays Switzerland trip for talks with Iranian negotiators Washington: US Vice President JD Vance has put off his visit to Switzerland for talks with Iranian negotiators, with the White House citing logistical issues.

      FGN23 UN-GUTERRES-YOGA

      From its deep roots in ancient India, yoga has become truly universal: Guterres United Nations: Commemorating the International Day of Yoga, UN chief Antonio Guterres has said that from its deep roots in ancient India, yoga has become truly universal, helping millions of all faiths.

      FGN35 US-TRUMP-AIR FORCE ONE

      Trump takes final ride on old Air Force One plane, jet gifted by Qatar to join fleet Washington: President Donald Trump's return from a visit to France on board Air Force One marked the final journey of the Boeing 747-200B, which has been ferrying US presidents for the past 35 years.

      FGN11 PAK-SIKH-MURDER-ARREST

      Prime suspect arrested in Sikh couple murder case in Pakistan Peshawar: Police have arrested the prime suspect in the double murder case involving a Sikh caretaker couple who were shot dead inside a gurdwara in Pakistan's Khyber Pakhtunkhwa province, officials said.

      FGN48 PAK-KHAMENEI-FUNERAL

      Pak delegation to attend funeral of Ali Khamenei: PM Sharif Islamabad: A Pakistani delegation will attend the funeral of Iranian supreme leader Ayatollah Ali Khamenei, who was assassinated in the US-Israeli strikes in February, Prime Minister Shehbaz Sharif announced on Friday.

      FGN4 US-IRAN-REPUBLICANS

      Trump's Iran deal runs into Republican storm; Vance comes to defend Washington: US President Donald Trump’s deal with Iran to end the war faced strong pushback from fellow Republicans, who claimed that the pact did not prevent Tehran from enriching uranium and gave it a lot of money to fund its proxies.

      FGN62 US-3RDLD IRAN

      Talks between US, Iran called off because of fighting in Lebanon, officials say Jerusalem: Talks between the US and Iran were called off Friday after intense fighting between Israel and Hezbollah in southern Lebanon, officials said, raising questions about an initial agreement to end the war in Iran.(AP)

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