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    RBI tells Par panel that virtual digital assets like cryptocurrency a threat to economy
    From first arrival in 1790 to present - diaspora group traces Indian-American journey
    Meghalaya recorded 32 crore digital transactions in 2025-26: Official
    ED attaches Rs 58-crore assets of wife of Bhushan Steel's ex-promoter
    Power tariffs to remain unchanged in UP for 7th straight year: Govt
    Strict action to be taken against ministers, MLAs involved in corruption: Bihar CM
    Himachal's first-ever export shipment of cherries and plums reaches Oman
    Govt fast-tracks disinvestment process to shore up revenues, garners 31 pc of budget aim in Q1 FY27
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    CCI approves acquisition of 100% shareholding of Royal Challengers Sports Pvt Ltd. by a consortium comprising Big Banyan Holdings, Bolt IPL Holdings, ...
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July 2, 2026
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Virtual digital assets face regulatory resistance as the central bank warns of illegal use, tracking challenges, and economy-wide risks.
Virtual digital assets, including cryptocurrency, were described as posing risks to an emerging economy because of potential misuse for illegal activity, difficulty in tracking offshore entities, and broader regulatory challenges. The Reserve Bank of India stated that such assets should not be legalised in India at this stage. The Institute of Chartered Accountants of India supported a comprehensive VDA law and proposed guidance on recognition, measurement, presentation, disclosure, financial reporting, and compliance frameworks.
July 2, 2026
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Indian-American diaspora contributions are traced through a curated history spanning migration, science, politics, business, and culture.
Indian-American diaspora history and contributions are traced through a curated project covering 250 defining moments across 15 categories of American life. The selection is described as research-based and externally reviewed, but not comprehensive. It highlights milestones in migration, citizenship, medicine, politics, corporate leadership, entrepreneurship, yoga, science, and cuisine, illustrating the community's growing influence in the American story.
July 2, 2026
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Digital financial inclusion in Meghalaya expands through Jan Dhan accounts, digital transactions, and a stronger focus on cyber resilience.
Digital financial inclusion in Meghalaya expanded through the JAM framework, Direct Benefit Transfer and Digital Public Infrastructure, with 32.76 crore digital transactions during 2025-26 and nearly 10 lakh Jan Dhan accounts. Officials said about 98 per cent of account holders had adopted at least one digital mode of transaction, and the next phase should focus on financial literacy, cyber resilience and meaningful use of digital financial services, particularly in rural areas.
July 2, 2026
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Money laundering attachment of assets linked to alleged fund diversion, off-books sales and bogus capital gains entries
Attachment of assets under the Prevention of Money Laundering Act in a money laundering case linked to alleged diversion of funds from Bhushan Steel Ltd. The Enforcement Directorate attached land, part of a residential property, equity shares and bank balances standing in the name of Ritu Singal, wife of former promoter Neeraj Singal, through a provisional order valuing the properties at more than Rs 58 crore. The action arose from allegations that funds were diverted under the guise of genuine transactions and that cash generated from the off-the-books sale of zinc ingots was routed into accommodation entries and unaccounted bank deposits.
July 2, 2026
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Electricity tariffs remain unchanged in Uttar Pradesh as subsidy support grows and EV charging gets lower solar-hour rates.
Electricity tariffs in Uttar Pradesh are to remain unchanged across consumer categories for the seventh consecutive year for 2026-27, with a higher tariff subsidy supporting lifeline consumers, rural and urban poor families, private tube well operators and rural metered consumers. Although a regulatory gap was identified, no tariff hike was recommended in view of regulatory surplus and improved financial management. The tariff order also retains the green energy additional tariff and introduces provisions for battery swapping stations, Battery as a Service providers and a lower tariff for EV charging stations during solar hours.
July 2, 2026
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Anti-corruption enforcement strengthens vigilance courts, district police stations and witness support under transparency, technology and trust.
Strict anti-corruption enforcement will be applied against ministers, MLAs and officials found involved in corruption, with a zero-tolerance approach and action by vigilance and economic offences agencies. The state will strengthen corruption control through Transparency, Technology and Trust, establish Special Vigilance Courts, Vigilance Police Stations and Vigilance Outposts, provide transport allowance to witnesses, and promote anti-corruption awareness in schools.
July 2, 2026
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Export quality standards support Himachal Pradesh's first cherry and plum shipment reaching Oman, widening horticulture market access.
Himachal Pradesh's first export consignment of fresh cherries and plums has reached Oman, marking an initial international market entry for the state's horticulture produce. APEDA's regional office ensured compliance with international quality, grading, packaging and phytosanitary standards, while coordinating farmers, farmer producer organisations, cooperatives, exporters, HPMC, state departments and logistics partners. The development is presented as a step toward better returns for farmers and wider market access for horticulturists.
July 2, 2026
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Disinvestment and asset monetisation accelerate as the government boosts non-tax revenues and advances major divestment plans.
The government has accelerated disinvestment and asset monetisation to augment non-tax revenues amid fiscal pressure, raising about 31 per cent of its full-year target in the first quarter through offer for sale transactions and Infrastructure Investment Trust-based monetisation. It plans to strengthen the divestment pipeline further, with Life Insurance Corporation and IDBI Bank identified as major prospective transactions under the miscellaneous capital receipts framework.
July 2, 2026
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Cross-border remittance payments gain near real-time speed as Swift's retail framework enables faster, more transparent transfers to India.
Cross-border remittance payments to India are being processed through Swift's new retail payments framework with near real-time credit, end-to-end transparency, upfront cost certainty and no hidden foreign exchange deductions. Standard Chartered announced that it processed the first transaction under the scheme, completing the payment end-to-end in 37 seconds and demonstrating that participating banks can send money to India through Swift rails with settlement speed approaching domestic payment systems.
July 2, 2026
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Data sovereignty drives the launch of a sovereign cloud platform with built-in compliance, Indian jurisdiction and automated deployment.
Swaraj Cloud is launched as an AI-autonomous sovereign cloud platform built and operated entirely in India, with servers, storage, networks and workload processing designed to remain under Indian ownership and Indian legal jurisdiction. It is presented as addressing data sovereignty and residency obligations under the DPDP Act, MeitY cloud requirements and RBI cloud guidelines by embedding sovereignty at the infrastructure level. The platform also includes a Prompt-to-Production Solution Generator, compliance mapping, Indian Rupee billing, automated deployment and a broad stack of cloud, AI, security and compliance services.
July 2, 2026
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Global competitiveness of the AYUSH sector gains focus through quality assurance, branding, exports and international collaboration.
Government-industry stakeholders reviewed strategies to strengthen the global competitiveness of the AYUSH sector through innovation, quality assurance, branding, exports and international collaboration. The discussions covered export facilitation, scientific validation, WHO-GMP compliance, the Ayush Quality Mark, regulatory and market access challenges, and the need to expand global recognition for Indian AYUSH products and services. The session emphasised capacity building, international outreach, and alignment of Indian standards with international benchmarks.
July 2, 2026
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Seafood value addition skills gain focus as MPEDA promotes training, quality assurance and export-oriented processing excellence.
MPEDA organised the second National Skill Olympiad on seafood value addition at Seafood Expo Bharat 2026 to promote export-oriented seafood processing skills. The initiative followed 50 training programmes across the east and west coasts, where more than 2,500 workers and professionals were trained in preparing products demanded in international markets. Finalists were assessed on technical skill, hygiene, precision, presentation and product quality, alongside live demonstrations and tasting sessions of value-added seafood products.
July 2, 2026
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Mandatory Ship-to GSTIN and voluntary e-Way Bill closure reshape GST compliance, API validations, and delivery recording from August 2026.
Mandatory capture of Ship-to GSTIN is introduced for Bill-to/Ship-to and combination transactions in e-Way Bill and related e-invoice flows from 1 August 2026, with URP permitted where GSTIN is unavailable. The Ship-to GSTIN is captured only in the backend for verification and audit purposes and is not printed or shared through taxpayer-facing APIs. A voluntary e-Way Bill closure facility is also introduced, allowing closure after delivery by the supplier, recipient, transporter, driver or authorised person, through portal or API, with post-closure actions continuing during the initial stabilisation period.
July 2, 2026
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GST revenue collections show higher gross and net inflows, with domestic growth, import gains, and refund adjustments detailed.
Gross and net GST revenue collections for June 2026 were reported with a breakup of domestic revenue, import revenue, refunds, and net revenue. Gross GST revenue rose on a monthly and yearly basis, driven by higher domestic collections and stronger import-side IGST collections, while refunds were separately shown for domestic supplies and export-related refunds through ICEGATE. Net GST revenue was also presented after deducting refunds, and the figures were noted as provisional and subject to finalisation.
July 2, 2026
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Aggregate Annual Turnover amendment window revised on the GST Portal for FY 2025-26 with officer review timelines updated.
Aggregate Annual Turnover (AATO) functionality on the GST Portal is being upgraded to enable automatic updation of AATO as subsequent returns are filed after the amendment window. For FY 2025-26, taxpayers may submit AATO amendment applications from 1 July to 31 July 2026, and jurisdictional Tax Officers will review amended details from 1 August to 15 August 2026. The revised arrangement is intended to improve consistency, accuracy, and uniformity in AATO reporting.
July 2, 2026
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AI-generated precedents and judicial integrity: Supreme Court warns against hallucinated citations and demands human oversight in adjudication.
The Supreme Court stressed zero tolerance against citing, producing, or relying on fake, non-existent, or hallucinated precedents generated through artificial intelligence, and held that such material contaminates adjudication and undermines the sanctity of judicial decision-making. It said counsel commit misconduct by citing unverified AI-generated judgments, and that a judge's reliance on hallucinated material is an equally serious lapse. The Court also called for accountability measures and human oversight in the legitimate use of AI as an aid to adjudication.
July 2, 2026
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Money laundering probe over alleged CMRL-Exalogic transactions expands under PMLA amid payments without services and loan defaults.
Enforcement Directorate questioned the executive director of Cochin Minerals and Rutile Ltd. in a money laundering probe concerning alleged financial transactions between the company and Exalogic Solutions Pvt Ltd. The investigation concerns allegations that CMRL made payments without receiving corresponding services, and that related loan transactions were defaulted, forming the basis for examination of possible proceeds of crime under the Prevention of Money Laundering Act. The case was registered on the basis of a prosecution complaint filed by the Serious Fraud Investigation Office.
July 2, 2026
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Aadhaar update drive for students continues as education department says benefits and admissions will not be
Students in Maharashtra with non-updated Aadhaar records are being covered under an ongoing school-level registration and authentication drive, and the education department has stated that no student is to be deprived of government scheme benefits or educational opportunities because of pending Aadhaar updates. The minister said that around 5.5 lakh students up to 18 years of age had pending Aadhaar updates as of May 2026, but denied that this was affecting school admissions, scholarships, DBT access, examination forms or bank account linking.
July 2, 2026
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Competition approval for consortium acquisition of Royal Challengers Sports and its cricket franchise operations
The Competition Commission of India approved the acquisition of 100% shareholding of Royal Challengers Sports Private Limited by a consortium comprising Big Banyan Holdings, Bolt IPL Holdings, Times Internet, Times Cricket, ICQ Opportunities, Asia Investment Topco II and other investors. The combination involved collective acquisition by the identified acquirers, including newly incorporated investment and sports-related vehicles, and the target's business consists of owning and operating the Royal Challengers Bengaluru franchise and related professional cricket teams.
July 2, 2026
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Competition Commission approval for share acquisition in Krazybee Services and Finnovation Tech Solutions by Mars Equity Dragon Fund VCC.
The Competition Commission of India approved the acquisition of certain shares in Krazybee Services Limited and Finnovation Tech Solutions Private Limited by Mars Equity Dragon Fund VCC. The proposed combination concerns Krazybee, a non-deposit taking non-banking financial institution and middle layer Investment and Credit Company, and Finnovation, the technology company that operates the KreditBee app and provides loan sourcing and payment-service access, including Unified Payments Interface facilities.

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Customs & Trade

Starmer leaves India-UK relations on strong footing for next UK PM, say experts

June 22, 2026

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London, Jun 22 (PTI) Keir Starmer, as British Prime Minister, not only oversaw the conclusion of the Free Trade Agreement (FTA) with India but leaves bilateral relations on a solid footing for his successor to build on, British Indian experts said on Monday.

Starmer’s resignation sets the clock ticking for the Labour Party to elect its new leader, with newly elected member of Parliament Andy Burnham looking set to take charge at 10 Downing Street in the coming weeks.

“When it comes to India, it is under his prime ministership that the UK-India Free Trade Agreement was signed, something that we started negotiating way back in January 2022,” said Lord Karan Bilimoria, founder of Cobra Beer and co-chair of the India All Party Parliamentary Group (APPG).

“India is very, very important to him as a special relationship and a special country where the UK is concerned and always will be... Whoever the next leader of the Labour Party is, they will have India as a top priority, and they will see the future of the UK-India relationship between the fifth and sixth largest economies in the world and India, the fastest growing major economy in the world, as being paramount,” he said.

Bilimoria, chair and regional coordinator for Europe of the International Chamber of Commerce in the UK, praised Starmer as a “decent individual” who always listened when it came to the bilateral partnership.

“For nine years, I was saying to prime minister after prime minister, whether it was Boris Johnson, whether it was Rishi Sunak, take a big business delegation to India because it will make a huge impact. And none of them did it, but Keir Starmer listened, and in October last year we took a huge business delegation to Mumbai," he recalled.

Dr Kishore Jayaraman, Group CEO of UK India Business Council (UKIBC), described the developments as a "process of change" that countries experience.

“The government changed when the FTA was being negotiated. The greatness that Great Britain has shown is the fact that it transcends government; business comes before government,” said Jayaraman.

"This is a partnership that will continue for a very long time because it is based on principles, it's based on a win-win agreement, and it will continue to evolve, it will continue to scale up, and it will continue to deliver to the industry on both sides.

“The UKIBC is a trade council that catalyses business growth, and we will continue to support businesses in the UK and India and grow the corridor.” Uday Nagaraju, a tech entrepreneur and founder of AI Policy Labs who recently became one of the newest British Indian Labour peers in the House of Lords, echoed the views that Starmer “helped deliver a major step forward in UK-India relations” with the Comprehensive Economic and Trade Agreement (CETA).

“I think that our Prime Minister, Keir Starmer, leaves office with dignity and with a serious record. He restored Labour to government, put stability and economic credibility back at the centre of British politics,” said Lord Nagaraju.

“He promised before the 2024 general election that a Labour government under his premiership would reset the relationship with India, which he achieved. The credit for CETA goes to Keir and, of course, the Indian government as well," he said.

“I think the next Labour prime minister will and should build on that platform of growth, security, clean energy skills, tech, AI, and a deeper strategic partnership with India," he added.

Krish Raval, also one of the newer British Indian peers in the House of Lords and chair of the Labour Indians diaspora group, paid tribute to Starmer’s efforts to “accelerate” the UK’s position in the field of AI as well as his commitment to the Indian community.

“He is the Prime Minister who signed the Free Trade Agreement with India... he will be remembered for that and the massive contribution to our GDP,” said Lord Raval, who has worked closely with Starmer as Labour leader.

“In a world of fintech, unicorns, AI investing and venture capitalism, India is ahead of the curve. So, the relationship with India will endure... because there is a deep desire (in the UK) to connect with this wonderful English-speaking monolith that is going to be the third-largest economy in the world, if not more,” he said.

Virendra Sharma, a Labour Party veteran and one of the longest-serving British Indian MPs for the party from Ealing Southall until the last election, felt the “writing was on the wall” for Starmer after the party's disastrous local election performance last month. He called on the next prime minister to learn from Starmer’s tenure and “not repeat those mistakes”.

"I have seen changes within the Labour Party and other governments as well during my 55-year span as an MP. These things happen in politics,” said Sharma.

“I am one of those MPs of Indian origin who have always raised the importance of India and Britain, two democratic countries, coming together and taking the FTA forward. There will be no changes on that front.

“I'm confident that the new leader will make sure that the July 15 date (for FTA implementation) is honoured and taken forward,” he said.

Starmer’s resignation opens a leadership election process to run until mid-July, with prospective candidates expected to garner the support of at least 81 MPs to be able to join the contest. However, with Burnham emerging as a strong favourite with hundreds of Labour members behind his leadership bid, there is a strong likelihood of Starmer’s successor being in place well before the expected September timeline. PTI AK GRS AMS

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