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    Over 6 in 10 digital wallet users surveyed believe that RBI shouldn’t reduce the amount of money stored in digital wallets; Want it to retain or inc...
    India's forex reserves decline USD 9.98 bn to USD 671.62 bn: RBI data
    Sebi to reintroduce open market share buybacks via exchanges; eases intra-day borrowing rules for MFs
    SC flags 'deep-rooted nexus' between banks, asset reconstruction companies, borrowers over loans
    APEDA Facilitates First Export of Fresh Uttarakhand Litchi to Italy, Marking Entry into European Market
    Strait of Hormuz reopens: what it means for global energy security
    ED examines bank locker of ex-CM Vijayan’s daughter in money laundering case
    India-UK FTA more than just about trade: Foreign Secretary Vikram Misri
    Jio Platforms' mega IPO to entail fresh issue of up to 27 crore equity shares
    LUMIQ Raises INR 50 Crore Pre-Series B to Become the AI Decision Layer for Financial Services
    Kerala budget announces tax relief measures, EV road tax changes and amnesty schemes
    Bharat Buildcon 2026 Opens with Massive Industry Response; Attracts 25,000 Plus Visitors on Day One from 90 Plus Countries and 100 Plus Indian Cities
    GeM Partners with Common Service Centre to Expand Access to Government Procurement Opportunities Across India
    Rupee rises 20 paise to 94.20 against US dollar in early trade
    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
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    June 19, 2026
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    Digital wallet limits spark user opposition as survey backs retaining or increasing caps and linking them to KYC levels.
    A public survey of digital wallet users showed broad opposition to reducing wallet storage and transaction limits proposed under the draft Master Direction on Prepaid Payment Instruments, 2026. Most respondents wanted limits retained or increased, while others supported limits linked to the level of KYC or authentication completed by the user. The survey linked lower limits with inconvenience in daily payments and questioned whether tighter caps would reduce fraud. The draft framework was also noted to include higher Full-KYC wallet balances, lower cash top-up limits, transfer caps, interoperability, immediate refunds, and stricter compliance requirements.
    June 19, 2026
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    Foreign exchange reserves decline as gold reserves fall, while foreign currency assets rise in RBI data.
    India's foreign exchange reserves declined during the reporting week, primarily because of a sharp fall in gold reserves, even though foreign currency assets increased. The RBI data showed that the overall reserves fell to USD 671.625 billion, while special drawing rights and India's reserve position with the IMF also recorded marginal declines.
    June 19, 2026
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    Open market share buybacks through exchanges gain a faster route, alongside eased fund borrowing and quicker AIF fundraising.
    Reintroduction of open market share buybacks through stock exchanges provides companies with an additional mechanism for undertaking buybacks and is intended to ensure equitable opportunity and tax treatment for public shareholders. The measure is accompanied by a faster execution timeline for such buybacks. Relaxation of intra-day borrowing norms for mutual funds eases borrowing constraints, while a green-channel mechanism for alternative investment funds permits fundraising to begin within 10 working days of filing placement memorandums.
    June 19, 2026
    Show AI Summary
    Banking fraud and stressed loan settlements draw scrutiny over alleged nexus among banks, asset reconstruction companies and borrowers.
    Concerns were raised over an alleged nexus between banks, asset reconstruction companies and borrowers in the settlement of stressed loans, with emphasis on misuse of public money and inadequate recovery efforts. A plea sought a probe into alleged banking frauds involving public sector banks, asset reconstruction companies and a Noida-based infrastructure firm, including diversion of loan funds through shell companies, non-existent vendors, undisclosed bank accounts and suspected fraudulent transactions.
    June 19, 2026
    Show AI Summary
    Agri-export promotion gains momentum as fresh Uttarakhand litchi enters the European market through coordinated value-chain support.
    APEDA facilitated the first export consignment of fresh Uttarakhand litchi from Dehradun to Italy, marking entry into the European market and demonstrating the export potential of Uttarakhand's horticulture sector. The shipment reflects the growing international acceptance of India's premium fresh fruits and the expanding presence of Himalayan produce in high-value overseas markets. The initiative highlights coordinated value-chain support, quality production practices and export-oriented horticulture, while indicating better price realisation for growers.
    June 19, 2026
    Show AI Summary
    Strait of Hormuz reopening eases global energy security risks and restores free passage for commercial vessels.
    The reopening of the Strait of Hormuz restores a critical global energy chokepoint after months of disruption that had restricted shipping, pushed up crude prices and raised concerns over energy security. The memorandum of understanding contemplates free passage of commercial vessels through the Strait for a limited period, with full normalisation expected after mines and other technical obstacles are cleared. It also contemplates talks with Oman and other regional actors on longer-term administration.
    June 19, 2026
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    Money laundering investigation leads to bank locker examination over alleged corporate transactions and proceeds of crime
    Enforcement Directorate action in a money laundering investigation extended to examination of a bank locker belonging to Veena T, daughter of former Kerala Chief Minister Pinarayi Vijayan, in her presence at an HDFC Bank branch. The inquiry relates to alleged transactions involving her now-defunct IT firm, Exalogic, and its purported links with Cochin Minerals and Rutile Ltd, including payments said to have been made without corresponding services and loans allegedly extended through another company connected with CMRL management.
    June 19, 2026
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    India-UK trade agreement enters into force as leaders link commerce, mobility and broader bilateral cooperation.
    The India-UK Comprehensive Economic and Trade Agreement is scheduled to enter into force on July 15, marking a significant development in bilateral economic relations. The agreement is described as extending beyond trade and technology to include mobility and wider people-to-people engagement, with an expected boost to annual bilateral trade and business expansion plans on both sides.
    June 19, 2026
    Show AI Summary
    Initial public offer structure for Jio Platforms set as a fresh issue with price discovery through book building.
    A proposed initial public offer of Jio Platforms is to be made by way of a fresh issue of up to 27 crore equity shares of face value of Rs 10 each. The Draft Red Herring Prospectus has been approved and is to be filed with the Securities and Exchange Board of India, BSE and the National Stock Exchange. The issue price will be determined through the book building process in accordance with SEBI regulations, subject to the required regulatory approvals.
    June 19, 2026
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    Autonomous financial decision-making gains traction as auditable AI agents handle routine regulated workflows with compliance and control.
    AI deployment in financial services is described as shifting from advisory support to autonomous decision-making through a platform that applies an institution's own guidelines, reaches end-to-end decisions, and escalates only matters requiring human judgment. The system is presented as producing decisions with full reasoning, policy cross-reference, and auditability, while remaining consistent, explainable, compliant, and defensible under audit in banking, insurance, and capital markets workflows.
    June 19, 2026
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    Tax relief and amnesty measures reshape Kerala's budget through arrear settlements, vehicle tax revisions and stamp duty concessions.
    Kerala's revised Budget introduced tax relief measures, amnesty schemes and vehicle tax revisions, including settlement of Flood Cess arrears, waiver of specified small pre-GST arrears, revised sales tax rates for low-strength alcoholic beverages, reduced tax for AITP buses, changes in electric vehicle road tax slabs, an e-challan amnesty scheme, and a one-time settlement for undervaluation and deficit stamp duty cases.
    June 19, 2026
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    Construction and building materials expo drives exports, supply chains, and Make in India engagement across global markets.
    Bharat Buildcon 2026 opened as a large industry exhibition for the building materials and construction sector, drawing more than 25,000 visitors on the first day along with participants from over 90 countries and more than 100 Indian cities. The exhibition was presented as a platform for strengthening supply chains, encouraging technology adoption, generating business opportunities, and promoting exports and foreign investment in the construction and building materials sector.
    June 19, 2026
    Show AI Summary
    Government e-marketplace access expands through last-mile seller facilitation, onboarding support, and catalogue listing through new partnership.
    Government e-marketplace access is being expanded through a strategic partnership between GeM and CSC-SPV aimed at strengthening last-mile facilitation for sellers, especially in rural and underserved regions. The collaboration extends support through the full onboarding chain up to catalogue listing, with assistance for Vendor Assessment, Brand Approval, and creation and publication of product and service catalogues. A pilot rollout of 50 GeM Suvidha Kendras will provide guidance, training, onboarding support, capacity building, and grievance redressal for a range of enterprises.
    June 19, 2026
    Show AI Summary
    Rupee appreciation gains support from India-US trade optimism, foreign inflows and softer crude prices.
    The rupee appreciated in early trade against the US dollar, supported by optimism over India-US trade negotiations, firm foreign inflows and softer crude oil prices. Market sentiment remained positive as traders tracked developments suggesting momentum in talks on a proposed trade pact and an improvement in external flows. The foreign exchange market also reflected expectations that the Reserve Bank of India may use incoming dollar inflows to rebuild foreign exchange reserves and gradually reduce its forward dollar book.
    June 18, 2026
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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
    Show AI Summary
    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.

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      Customs & Trade

      UK-India Week opens in the West Midlands with IGF Smarter Regions Forum

      June 23, 2026

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      10th edition of UK-India Week begins at the University of Warwick, bringing together leaders from Gujarat and the West Midlands to advance regional growth, investment and innovation
      AHMEDABAD, India and COVENTRY, England, June 23, 2026 /PRNewswire/ -- India Global Forum's UK-India Week 2026 opened today in the West Midlands with the IGF Smarter Regions Forum, marking the start of the 10th edition of the biggest event in the UK-Indian calendar.




      Hosted at the University of Warwick, the opening day brought together senior leaders from government, business, academia and industry to deepen the emerging regional partnership between Gujarat and the West Midlands. The programme forms part of the IGF Smarter Regions Exchange: West Midlands 2026, designed to translate the momentum in the UK-India relationship into practical collaboration across investment, innovation, skills, advanced manufacturing, clean energy, life sciences and regional growth.


      The Forum featured participation from a high-level Government of Gujarat delegation, including Mamta Verma, Additional Chief Secretary, Industries and Mines Department, Government of Gujarat, and Dr. Vikrant Pandey IAS, Additional Principal Secretary to the Chief Minister, Government of Gujarat. The delegation's visit builds on recent exchanges between Gujarat and the West Midlands and reflects the growing importance of state-to-region partnerships in advancing the UK-India growth corridor.


      Opening discussions examined how Gujarat and the West Midlands can build a stronger regional growth corridor through deeper cooperation in industry, investment, innovation and skills. The programme also included a Government of Gujarat presentation on the state's growth story and a fast-pitch showcase featuring representatives from manufacturing, textiles, finance and technology, focused on identifying concrete partnership opportunities in the UK.


      The opening day will conclude with the IGF Leaders' Dinner at the National Automotive Innovation Centre, University of Warwick, bringing together senior UK and Indian figures for an evening of strategic exchange to unlock new pathways for investment, innovation and regional growth.


      Manoj Ladwa, Founder and Chairman, India Global Forum, said:
      "The West Midlands and Gujarat are not starting from sentiment; they are starting from strength. I know both places personally: one is Britain's manufacturing heartland, reinventing itself for the industries of the future; the other is one of India's great economic engines, defined by enterprise, ambition and execution.


      Put those capabilities together and you have the makings of a serious UK–India economic corridor, built on capability, complementarity and trust. The task now is to turn dialogue into decisions, relationships into capital flows, and shared ambition into jobs, investment and long-term growth.


      That is precisely why we are establishing the Gujarat–West Midlands Steering Committee: not simply to discuss opportunities, but to identify them, unlock them and deliver them. Success will not be measured by the meetings we hold, but by the partnerships we create, the investments we secure and the prosperity we generate for both regions."
      Richard Parker, Mayor of the West Midlands, said:
      "Our recent trade mission to India showed just how strong the relationship already is between the West Midlands and one of the world's fastest-growing economies. This week's programme, in partnership with India Global Forum, is about turning that momentum into real results, bringing investment into our region, creating opportunities for our businesses, generating jobs and strengthening collaboration across key sectors like advanced manufacturing, clean energy and life sciences.


      As the UK and India move forward with a landmark Free Trade Agreement, the West Midlands is ready to play a leading role, connecting global partners with our world-class industries, talent and innovation ecosystem to drive long-term growth for both economies."
      Mamta Verma, Additional Chief Secretary, Industries and Mines Department, Government of Gujarat, said:
      "Gujarat comes to the West Midlands with a clear proposition: we are one of India's leading industrial and export engines, but we are also building for the future. From clean energy, advanced manufacturing and pharmaceuticals to GIFT City, semiconductors, fintech and sports, Gujarat offers scale, policy stability, world-class infrastructure and a strong commitment to execution.


      The UK, and particularly the West Midlands, has deep strengths in innovation, advanced industries, finance, life sciences and skills. Together, we can build partnerships that move beyond trade alone and create new investment, technology collaboration, jobs and shared growth."
      The opening of UK-India Week in the West Midlands comes at a pivotal moment for the bilateral relationship, following the ratification of the landmark UK-India Free Trade Agreement. This year's UK-India Week will also feature the first major joint appearances by India's Minister of Commerce and Industry, Piyush Goyal, and the UK Secretary of State for Business and Trade, Peter Kyle, following the FTA ratification milestone, underlining the strategic importance of the week as both countries move from agreement to implementation.


      Now in its 10th edition, UK-India Week has grown into the foremost annual gathering of the UK-India corridor, convening political leaders, business chiefs, investors, innovators, entrepreneurs, policymakers and cultural voices from both countries. This year's programme spans the West Midlands and London, combining high-level forums, closed-door dialogues, curated roundtables, networking engagements and flagship awards.


      A key highlight of the week will be Day 4, when IGF London 2026 hosts the Capital & Future Frontiers Forum at One Moorgate Place in London. The flagship forum day will bring together a curated group of global investors, policymakers, technology leaders, founders and senior decision-makers for discussions at the intersection of capital, technology and policy. The programme will focus on financing the UK-India innovation corridor, advancing cross-border capital flows and exploring frontier sectors including AI, quantum, energy transition, life sciences and deep tech.


      UK-India Week will close with the UK-India Awards, the grandest celebration of UK-India relations, recognising the leaders, institutions, businesses and innovators shaping the future of the partnership. The awards will bring together a distinguished audience from politics, business, culture, technology and public life to celebrate the people and organisations driving the next chapter of the UK-India story.


      UK-India Week is also anchored by the UK-India Future Forum, India Global Forum's strategic platform for advancing a future-facing UK-India partnership. UKIFF brings together leaders from government, business, investment, technology, academia and policy to shape long-term collaboration across trade, innovation, capital, climate, skills and security, with a focus on turning shared ambition into practical outcomes for both countries.


      About India Global Forum
      India Global Forum is a global platform for leaders from business, government, policy, academia and culture to engage with contemporary India and its growing role in the world. Through high-level forums, strategic dialogues, delegations, reports and curated networks, IGF works to advance partnerships, investment flows and thought leadership across the India growth story and its global corridors.


      Social Media Handles & Hashtag to Follow
      Twitter: @IGFUpdates & @manojladwa LinkedIn: India Global Forum
      Photo: https://mma.prnewswire.com/media/2998778/IGF_Smarter_Regions_Forum.jpg' alt='Embedded Media' />Logo: https://mma.prnewswire.com/media/2566069/6010968/IGF_Logo.jpg' alt='Embedded Media' />
      (Disclaimer: The above press release comes to you under an arrangement with PRNewswire and PTI takes no editorial responsibility for the same.). PTI PWR

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