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    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...
    'Minimal space' for new programmes, says CM Vijay-led TN govt
    PRESS RELEASE ON NEW SERIES OF WHOLESALE PRICE INDEX, AND PRODUCER PRICE INDICES WITH BASE YEAR 2022-23
    ED searches at 17 locations in corporate insolvency process case
    NIA Special Public Prosecutor Advocate Gautam Khazanchi Engages Galgotias Law Students on Bail Jurisprudence, Constitutional Safeguards and PMLA
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    Iran war is a 'wake-up call' for Southeast Asia's energy sector, report says
    Kerala: ED questions CMRL MD''s wife, son in money laundering probe
    KYCKART Marks Five Years as Government Funded and Licensed Verification Infrastructure for Indian BFSI
    SC seeks responses of Centre, States on plea for use of Aadhaar as identity proof only
    China Shock 2.0: Surging Chinese exports threaten Europe's economy, raising concern at G7 summit
    Rupee rises 5 paise to 94.53 against US dollar in early trade
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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
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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
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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
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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
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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
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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.
June 16, 2026
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Fiscal space for new programmes remains minimal as Tamil Nadu's White Paper flags higher deficits, borrowing constraints, and understated liabilities.
Tamil Nadu's White Paper on state finances says there is only minimal fiscal space for new programmes because projected deficits remain high, borrowing is constrained, and committed expenditure is understated. It notes over-projected tax revenue, omitted recurring liabilities, and limited borrowing headroom, leading to a much larger expected revenue deficit and fiscal deficit than budgeted. The paper also highlights worsening debt, interest burden, revenue weakness, and the need for sustained revenue mobilisation, expenditure control, debt management, and clean governance.
June 16, 2026
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Wholesale Price Index revision with base year 2022-23 expands coverage, updates methodology, and introduces new producer price indices.
Wholesale Price Index and Producer Price Indices are being revised with base year 2022-23, replacing the existing WPI series with base year 2011-12. The revised framework introduces a larger commodity basket, updated grouping of energy items, revised weight derivation using Gross Value of Output for WPI, short-term formulation for elementary indices, and targeted mean imputation for missing prices. Output PPI, trial Input PPI, and Service PPIs are also introduced, with monthly, experimental, and quarterly release schedules, respectively, and back-series data made available on the official portal.
June 16, 2026
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Corporate insolvency resolution process scrutiny deepens amid alleged circular transactions, fraudulent asset transfers, and voting-rights violations.
Enforcement Directorate searches were conducted at 17 locations in Maharashtra and Delhi in a money laundering investigation linked to alleged irregularities in a corporate insolvency resolution process. The probe concerns an allegedly fraudulent loan and other loans, and is aimed at gathering material on circular transactions, fraudulent takeover of stressed assets, under-valuation of auctioned assets, inflated and fraudulent claims, violation of creditor voting rights, and lack of transparency in the insolvency resolution process.
June 16, 2026
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Bail jurisprudence and Article 22 safeguards shaped a detailed discussion on PMLA, economic offences, and criminal litigation complexity.
Bail jurisprudence in criminal cases was discussed with emphasis on the constitutional balance between personal liberty and the interests of justice. The lecture explained the constitutional foundations governing bail, the evolution of judicial interpretation through precedent, and the principles considered by courts while granting or refusing bail in criminal proceedings. It also covered Article 22 safeguards, including protections relating to arrest, detention, legal representation, and procedural rights, and focused on the Prevention of Money Laundering Act, the Enforcement Directorate, stringent bail conditions, and the practical challenges of financial crime litigation.
June 16, 2026
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Aadhaar identity use questioned over alleged misuse as proof of citizenship, domicile and residential address.
A plea has challenged the alleged misuse of Aadhaar cards as proof of citizenship, domicile and residential address, seeking directions to limit their use strictly to identity verification. The matter concerns the permissible legal scope of Aadhaar-based identification and the need to prevent its use for purposes not authorised by the governing framework.
June 16, 2026
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Energy diversification becomes urgent as Southeast Asia confronts import dependence, price shocks and cleaner power transition pressures.
Southeast Asia's energy sector is exposed to supply and price shocks because of heavy reliance on imported oil and gas through the Strait of Hormuz. The report urges diversification of energy sources and supply routes, reduced dependence on imported fossil fuels, improved grid efficiency and greater investment in renewable energy, while noting rising rooftop solar use, electric vehicle sales and renewed interest in nuclear power.
June 16, 2026
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Money laundering probe over alleged sham payments and loans linked to CMRL, Exalogic, and family-associated companies.
Enforcement Directorate questioning continued in a money laundering probe concerning transactions between CMRL, Exalogic Solutions Private Limited, and entities linked to the Kartha family. The investigation concerns alleged payments by CMRL to Exalogic without corresponding services and loans extended by Empower India Capital Investments Private Limited to Exalogic despite alleged repayment defaults. The agency has stated that these transactions generated proceeds of crime, and the case has been registered under the Prevention of Money Laundering Act on the basis of a prosecution complaint filed by the Serious Fraud Investigation Office.
June 16, 2026
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BFSI digital verification infrastructure expands with licensed compliance tools, real-time fraud analytics and privacy-focused regulated deployment.
Integrated digital verification and fraud analytics platform for the BFSI sector scaled into a government and regulatory licensed compliance infrastructure serving banks, NBFCs, insurers and fintechs through a single API. The platform supports Digital Onboarding, Fraud Intelligence and Collections Intelligence using real-time verification, source-authenticated data and timestamped audit trails, with compliance-grade deployment in regulated environments. Its licensed expansion includes RBI Innovation Hub Data Service Provider status, Aadhaar Offline Verification Seeking Entity capability and Unified Logistics Interface Platform licensing, alongside privacy- and security-focused compliance under the Digital Personal Data Protection Act and its rules.
June 16, 2026
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Aadhaar identity proof limits sought amid concerns over misuse for citizenship, address and voter enrolment
Restriction on the use of Aadhaar as an identity document was sought on the ground that it is being treated as proof of citizenship, domicile, residential address and date of birth despite the statutory and regulatory position that Aadhaar is only proof of identity. The plea asserted that misuse of Aadhaar for school admission, property transactions and issuance of other documents, as well as in voter registration forms, undermines the intended scope of Aadhaar and permits inclusion of persons without adequate supporting documents in official records.
June 16, 2026
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China's export surge threatens European industry as leaders weigh higher tariffs and broader action against overcapacity.
China's export surge is shifting away from the United States tariff wall toward Europe and other open markets, raising concern that a new wave of import competition could disrupt advanced economies. European leaders are considering a stronger tariff response and broader coordination to address the trade threat, while the article links the pressure to China's dominance in world trade, its higher-value exports, and policies that encourage overproduction and suppress domestic consumption.
June 16, 2026
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Rupee strengthens as falling crude prices and easing Middle East tensions improve near-term currency sentiment.
The rupee strengthened in early trade as sharp declines in crude oil prices and easing Middle East tensions improved sentiment for the domestic currency. Traders said reduced pressure on global energy supplies, supportive foreign inflows, gains in domestic equities and a narrowing merchandise trade deficit all backed the near-term outlook for the rupee.

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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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