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    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
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    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
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    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
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    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.
    June 17, 2026
    Show AI Summary
    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
    Show AI Summary
    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.

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      BCBA Hosts Landmark Second Edition of The India Logistics Conclave 2026 at The Taj Mahal Palace, Mumbai

      June 20, 2026

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      Over 550 delegates, government leaders and industry stalwarts unite around the vision — “One Fraternity, One Vision: Logistics Driving India Towards Viksit Bharat” Mumbai, 20 June 2026 — The Brihanmumbai Custom Brokers’ Association (BCBA), established in 1939, successfully hosted the second edition of The India Logistics Conclave 2026 at The Taj Mahal Palace, Mumbai, drawing more than 550 delegates, invitees and guests from across the customs, ports, shipping, trade and logistics ecosystem. Anchored in the theme “One Fraternity, One Vision — Logistics Driving India Towards Viksit Bharat,” the day-long Conclave brought senior government leadership and industry stalwarts onto one platform to chart the road to a developed India by 2047.

      The proceedings began at 09:45 a.m. with the ceremonial inauguration of the CBIC Pavilion, followed by the Inaugural Session. In a defining moment, Shri Vivek Chaturvedi, Chairman, Central Board of Indirect Taxes & Customs (CBIC), delivered the welcome address live online, sharing the Board’s vision for a modern, trust-based and technology-led customs administration — received by the fraternity as a source of great strength and inspiration.

      The inaugural dais featured an eminent gathering of dignitaries. These included Shri Yogendra Garg, Member (Customs), CBIC; Shri Anupam Prakash, Joint Secretary, Customs; Shri Sushil Mansing Khopde, IPS, Additional Director General of Shipping; Shri Sunil Jain, IRS, Director General of Valuation; Capt. BVJK Sharma, Chief Executive Officer, Navi Mumbai International Airport; Capt. Deepak Tiwari, Managing Director, MSC India and Chairman, CSLA; Shri Om Hisaria, Senior Executive Vice President, Reliance Industries Limited; and Mr Mukesh Oza, Group President & CEO, Samsara Group. They were joined on the dais by BCBA President Mr Sanjeev Harale and Senior Vice President Mr Paresh Thakkar.

      “To see this fraternity stand shoulder to shoulder with the highest offices of government and industry, under one roof and one vision, has been deeply humbling,” said Mr Paresh Thakkar, Senior Vice President, BCBA. “What we have built over two editions is not merely an event, but a platform where the customs broker’s voice is heard, respected and woven into the national agenda. That is the legacy we intend to carry forward.” The intellectual heart of the Conclave lay in its four business sessions, each a moderated plenary of national stature.

      Session 1, “India 2030, 2035, 2047 — A Roadmap for Viksit Bharat,” was moderated by Mr Shantanu Bhadkamkar and brought together Shri Yogendra Garg, Member (Customs), CBIC; Mr Shailesh Haribhakti, eminent voice on economy and governance; Capt. Deepak Tiwari of MSC India and CSLA; Dr Prasad Pradhan, senior strategy and resilience advisor; and Mr Rahul Ahluwalia, Director & Co-Founder, Foundation for Economic Development.

      Session 2, “Building India’s Digital Spine — Customs & Trade,” was moderated by Mr Dushyant Mulani. The panel comprised Shri Anupam Prakash, Joint Secretary, Customs; Shri Gaurav Dayal, IAS, Chairman, Jawaharlal Nehru Port Authority; Shri Parvinder Singh, Managing Director, Hans Infomatic; Mr Kunal Maheshwari, Director, Softlink Global; Mr Faisal Khan, Foundation for Economic Development; and Mr Amit Kamat, Chairman, FFFAI.

      “Custom Brokers are now playing a nodal role in India’s EXIM Logistics, they are quiet backbone of India’s trade, and forums like this one finally give that contribution the recognition it deserves,” said Mr Dushyant Mulani, Immediate Past President, BCBA. “Keeping National interest of being Globally Competitive it is imperative that government and trade sit at the same table as partners to conceptualise further trade facilitation measures to ensure the entire ecosystem moves faster — and that partnership is the real achievement of this Conclave.” Session 3, “Geopolitics and the New Geometry of Trade,” was moderated by Mr Tej Contractor and featured Dr Pritam Banerjee of the Indian Institute of Foreign Trade; Mr Sachin Vijan, Vanguard Logistics Services; Mr Fardeen Malbarwalla, Galaxy Freight; Mr S. Mahesh Mahalingam, Head — EXIM, Larsen & Toubro; and Dr Rumki Majumdar, Director & Economist, Deloitte India.

      Session 4, “Policy and Infrastructure — Building India’s Futuristic Logistics Ecosystem,” was moderated by Mr Mihir Parekh of the Foundation for Economic Development, who served as moderator cum panellist. The session brought together Shri Unmesh Sharad Wagh, IRS, Commissioner General, JNCH; Shri Ravish Kumar Singh, IRTS, Deputy Chairman, JNPA; Shri Sagar Rameshrao Kadu, Director (Logistics Division), DPIIT; Dr Rekha Raikar Kumar, Senior Advisor, Land Port Authority of India; and Mr Rajiv Chohan, Aegis Vopak Group.

      The Valedictory Session, themed “Logisticians — Building a Better India,” offered an inspiring close. It was led by Mr Dhimant Parekh, Founder & CEO of The Better India — the world’s largest positive-impact storytelling platform — and Mr S. Ramakrishna, Past Chairman of FFFAI, who reflected on conviction, reinvention and the logistician’s role in nation building.

      “This Conclave reaffirmed that the customs broker and freight forwarder are not mere facilitators, but true partners in India’s growth story,” said Mr Sanjeev Harale, President, BCBA. “The participation of the highest echelons of government and industry, and the warmth of over 550 delegates, is a powerful testament to the strength of our fraternity and our shared resolve to drive India towards Viksit Bharat.” The Conclave was made possible by the generous support of its partners. The BCBA extends profound gratitude to the Jawaharlal Nehru Port Authority (Platinum Sponsor); Navi Mumbai International Airport and MPRS Shipping (Diamond Sponsors); Softlink Global Private Limited (Gold Sponsor); and Reliance Industries Limited (Silver Sponsor). The Association also acknowledges Parekh Global (Lunch Sponsor); Conex CFS, Polaris CFS and Globicon CFS (Delegate Kit Sponsors); Galaxy Freight (Seat Sponsor); Mumbai Cargo Service Center (Lanyard Sponsor); and Unifo (Hi-Tea Sponsor); and DBS Bank (Banking Partner). The BCBA further thanks our Bronze and Associate Sponsors, along with its Media Partners and supporting organisations, whose collective faith — despite a challenging global environment — was vital to the success of the event.

      As the second edition closed, the BCBA expressed deep appreciation to every delegate, dignitary, speaker, moderator and partner who made the day a success. The Association reaffirmed its commitment to serving as a unifying voice for the fraternity and advancing the national conversation on India’s logistics future.

      About BCBA: The BCBA, established in 1939, is one of India’s oldest and most respected representative bodies for customs brokers, serving as a unifying voice for the customs, trade and logistics fraternity.

      For media enquiries, please contact the BCBA.

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

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