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July 14, 2026
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Betting proceeds laundering allegations link layered transactions and asset acquisitions to the Mahadev online betting syndicate investigation
The Enforcement Directorate arrested Ebix Group chairman Vikas Garg under the Prevention of Money Laundering Act in an investigation concerning alleged laundering of proceeds from Mahadev Online Book and Skyexchange betting operations. The agency alleges that betting proceeds were routed through hawala entries, shell entities and layered transactions into entities owned or controlled by Garg, and used to acquire shares, securities and other assets. It further alleges that Garg acquired a controlling stake in EbixCash using such funds. The investigation concerns a franchise-based betting syndicate operating through multiple online platforms.
July 14, 2026
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Corporate tax growth strengthens direct tax collections, reflecting resilient profitability, advance tax payments, and improving compliance
Net direct tax collections rose by 16.40 per cent to over Rs 6.51 lakh crore up to July 13, driven mainly by a 22 per cent increase in net corporate tax collections. Net non-corporate tax collections also increased, while Securities Transaction Tax collections grew by 48 per cent. Gross direct tax collections rose by 16.11 per cent, and refunds increased by 14.57 per cent. The collection trend was associated with resilient corporate profitability, stronger corporate advance tax payments, continued compliance and increasing formalisation.
July 14, 2026
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PMLA territorial jurisdiction in homebuyer fraud permits concurrent forum competence where alleged proceeds were acquired and concealed across locations
Money-laundering proceedings arising from alleged cheating of homebuyers in a Gurugram real-estate project were transferred to the Special PMLA Court at Saket, Delhi, with prosecution continuing from its existing stage. The jurisdictional issue involved alleged acquisition of proceeds of crime at Gurugram and concealment of attached proceeds in Delhi, creating simultaneous jurisdiction for the PMLA courts at both locations. The underlying allegations include collection of funds before project licensing, fraudulent bookings, diversion of project funds, undervalued land transfers during insolvency, and diversion of public-sector bank loans.
July 14, 2026
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Forced-labour import ban strengthens trade controls, with DGFT inquiry procedures and government power to restrict identified goods.
The Foreign Trade Policy, 2023 prohibits the import of goods produced or manufactured, wholly or partly, through forced labour. The central government may prohibit specific goods where an inquiry or other relevant evidence indicates forced-labour production. The Directorate General of Foreign Trade will conduct inquiries under the procedure prescribed in the Handbook of Procedures, 2023. Forced labour is defined by reference to the ILO Forced Labour Convention, 1930, as work or service exacted under threat of penalty without voluntary offer by the person concerned.
July 14, 2026
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Police leadership reshuffle strengthens economic-offences investigations and reallocates senior officers across intelligence, security, and district policing
West Bengal reorganised its police leadership by transferring 28 IPS officers and five WBPS officers across investigative, intelligence, telecommunications, correctional, traffic, cyber and district-policing assignments. N R Babu became head of the Criminal Investigation Department while retaining additional charge of prisons, and Supratim Sarkar moved from the CID to Telecommunications. K Jayraman was appointed Director of the Directorate of Economic Offences in the context of the government's stated focus on alleged financial irregularities. Other changes included new leadership for the Special Task Force, Intelligence Branch, Bidhannagar Police, the Narayani Battalion and several districts, including revised postings in Baruipur following serious criminal incidents.
July 14, 2026
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Industrial collaboration platform combines policy advocacy, regulatory guidance and cross-border manufacturing partnerships to advance India's global industrial ambitions
BGIF is presented as a Swadeshi-oriented industrial collaboration and policy platform connecting businesses, policymakers, investors, technocrats and innovators. Its functions include policy advocacy, regulatory guidance, sector-specific insights, investment access, fundraising support, deal structuring and business expansion. The forum operates through domestic chapters and an international network, and reports engaging in freight-related policy advocacy, participating in pre-Budget consultations, and facilitating a memorandum of understanding between an Indian manufacturer and an overseas partner for manufacturing cooperation and technology exchange. Its roadmap includes further chapters, international partnerships, industry conclaves and policy dialogues.
July 14, 2026
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Integrated agricultural trade hub near Vadhvan Port aims to strengthen exports through cold chains, logistics, and transparent trading
Maharashtra has approved an international-standard agricultural market at Dapchari in Palghar district near the upcoming Vadhvan Port. Developed by the Maharashtra State Agricultural Marketing Board, the project will combine an international market, a market of national importance and Agricultural Produce Market Committees. Planned infrastructure includes wholesale and import-export facilities, cold chains, grading and packaging units, multimodal logistics, warehouses, testing laboratories, container terminals, railway siding, e-auctions and an export facilitation centre. The project aims to support transparent trading, post-harvest value addition, reduced losses and improved agricultural exports.
July 14, 2026
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Bilateral trade expansion with China coincides with a widening deficit, as India seeks greater market access and investment
Bilateral trade between India and China increased in the first half of 2026, while the trade imbalance widened in China's favour. Chinese exports included electronics, telecommunications equipment, semiconductors, batteries, machinery, computers, chemicals, plastics and polymers. Indian exports included minerals, refined fuels, chemicals, electronics, agricultural and marine products, metals, gems, jewellery and pharmaceuticals. India continues to seek improved Chinese market access for information technology, pharmaceutical and agricultural products, alongside greater Chinese investment in India. Discussions also focus on expanding the range of traded goods and applying consumer-protection mechanisms while enabling increased Indian exports.
July 14, 2026
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Language-policy challenges and religious-practice arrangements highlight legal developments alongside deportation reform and criminal investigation measures.
The Supreme Court sought responses on challenges to the CBSE three-language requirement for Class 9 students and directed that Muslims be provided a separate open space adjacent to the disputed Bhojshala site for Friday prayers. A special NIA court issued a non-bailable warrant against Hafiz Saeed in connection with an investigation into the Pahalgam terror attack. The United Kingdom initiated a legislative change intended to remove an obstacle to deporting a grooming-gang leader to Pakistan.
July 14, 2026
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India-Maldives FTA negotiations advance market access, investment facilitation and broader economic cooperation through eight technical sessions
The first round of India-Maldives Free Trade Agreement negotiations concluded after virtual, text-based discussions across eight technical sessions and eight policy areas. The parties made substantive progress and reached broad convergence on several issues. The proposed FTA is intended to enhance market access, facilitate investment, promote economic cooperation and support sustainable economic growth. Both sides are pursuing a broad-based, balanced and comprehensive agreement guided by fairness and reciprocity, while also seeking deeper cooperation in tourism, startups, digital payments, MSMEs and trade.
July 14, 2026
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Business excellence recognition highlights Explore Touristhub Holidays LLP's personalized travel planning, service quality, and customer-focused holiday experiences.
Explore Touristhub Holidays LLP received recognition as a leading travel agency for memorable holiday experiences. The recognition highlighted its personalized holiday planning, customer satisfaction, itinerary innovation, and contribution to India's travel and tourism sector. The company provides leisure holidays, corporate travel management, MICE services, educational tours, group departures, honeymoon packages, pilgrimage tours, and customized travel experiences. Its service approach emphasizes tailored itineraries, quality hospitality, safety, seamless execution, competitive pricing, reliable support, and assistance throughout the journey.
July 14, 2026
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Rupee depreciation reflects crude oil pressures, geopolitical uncertainty, safe-haven dollar demand, widening trade deficit, and rising inflation
The rupee depreciated against the US dollar amid higher crude oil prices, renewed geopolitical concerns and increased demand for safe-haven dollar assets. Rising crude prices increased India's dollar-denominated import burden and contributed to foreign exchange outflows and pressure on the domestic currency. India's exports increased year-on-year in June, but the trade deficit widened as imports, particularly crude oil imports, rose. Wholesale price inflation also increased, while net direct tax collections recorded year-on-year growth, primarily reflecting higher corporate tax collections.
July 14, 2026
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Bilateral economic cooperation expands through trade, investment, innovation, industrial partnerships and technology collaboration across priority sectors
India and Spain pursued deeper economic cooperation through discussions on trade, investment, innovation and industrial partnerships. Priority areas included renewable energy, green hydrogen, advanced manufacturing, digital technologies, infrastructure, clean energy, mobility, tourism, automotive, railways and smart infrastructure. The discussions addressed market access, resilient supply chains, technology partnerships, investment flows and business linkages. The India-Spain Business Forum examined opportunities in manufacturing, infrastructure, renewable energy, digital technologies, the digital economy and innovation, while the Fast Track Mechanism was discussed as a means of facilitating new investments and strengthening business confidence.
July 14, 2026
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Direct tax collections rise as corporate and non-corporate tax receipts grow, alongside increased refunds during the fiscal year
Net direct tax collection increased by 16.40 per cent to over Rs 6.51 lakh crore up to July 13 of the fiscal year. Net corporate tax collection rose by 22 per cent, while net non-corporate tax collection, covering individuals, Hindu undivided families and firms, increased by about 12 per cent. Refunds of Rs 1.22 lakh crore were issued, and gross direct tax collection increased by 16.11 per cent to over Rs 7.73 lakh crore.
July 14, 2026
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Export Order Through Subsidiary Expands Railway Equipment Business and Increases Unexecuted International Order Book Beyond Prior Executions
IC Electricals received a USD 510,000 export purchase order from a United States customer through its subsidiary, Safe Coils India Private Limited. The order increases its unexecuted export order book to USD 1.8 million, representing growth of more than 300% compared with export orders executed during financial year 2025-26. The company manufactures railway electrical and electronic equipment and undertakes turnkey railway electrification projects, including design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substations. Its forward-looking growth statements remain subject to governmental, economic, political, operational, and technological risks.
July 14, 2026
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Excess GST collection requires promoter refund or direct GST claims by eligible homebuyers after credit-note deadlines expire
Registered real estate promoters must collect GST from homebuyers only at notified rates and refund any excess collection or issue a credit note where legally permissible. If a project is cancelled, an agreement terminated, or an allotment revoked after the statutory credit-note period expires, an eligible unregistered allottee may seek a direct GST refund by obtaining temporary registration through a PAN and filing Form GST RFD-01 with proof of tax payment, supporting documents, and a promoter-issued certificate. Claims must be filed within two years and remain subject to GST verification.
July 14, 2026
Show AI Summary
India-UK trade pact expands preferential market access, with phased automobile tariffs, procurement rights, origin rules and intellectual-property safeguards
The India-UK Comprehensive Economic and Trade Agreement provides duty-free or reduced-duty access for nearly 99% of Indian exports to the UK and phased tariff reductions for specified UK goods entering India. Automobile concessions are subject to quotas and differentiated treatment for conventional, electric, hybrid and hydrogen vehicles. Alcoholic-beverage concessions depend on phased tariff reductions and minimum import prices, while specified products remain excluded. The agreement covers government procurement, stronger intellectual-property enforcement while preserving compulsory licensing, temporary social-security contribution relief for transferred employees, and rules of origin requiring specified production, processing or value addition for preferential tariffs.
July 14, 2026
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Wholesale inflation rises as mineral, food, fuel and non-food prices intensify, complicating RBI's inflation-management mandate.
Wholesale Price Index inflation increased to 9.87 per cent in June 2026, driven by mineral oils, food articles, basic metals, and chemicals. Fuel and power inflation remained elevated, while food and non-food article prices also rose. Retail inflation increased to 4.38 per cent. The Reserve Bank of India primarily considers CPI inflation for monetary policy and is mandated to maintain headline inflation at 4 per cent, with a tolerance range of 2 per cent on either side. Its inflation projection was raised due to higher input costs and the transmission of global energy prices to retail fuel prices.
July 14, 2026
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NCLT vacancies and infrastructure gaps remain under review as delays in insolvency resolution plans raise IBC efficiency concerns
Delays in appointing judicial and technical members to the National Company Law Tribunal, inadequate infrastructure, and concerns over its disposal rate are being considered in suo motu proceedings. The hearing was deferred after the appointment process was reported to be underway. The proceedings followed concerns regarding persistent delays in approving insolvency resolution plans under the Insolvency and Bankruptcy Code, including applications pending before the NCLT for periods ranging from weeks to several years.
July 14, 2026
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Synthetic drug trafficking enforcement exposes clandestine Mephedrone laboratories, leading to arrests and seizure of manufacturing equipment under narcotics law
Interstate synthetic drug trafficking enforcement under the NDPS Act, 1985 led to the dismantling of a sophisticated Mephedrone manufacturing laboratory and the arrest of two alleged chief conspirators during coordinated operations. Officers seized digital machinery, laboratory equipment, heavy glassware, precursor chemicals and safety gear used in illicit MD production. Sustained intelligence and interstate investigation identified a second facility financed and coordinated by a co-conspirator. Simultaneous searches resulted in the second arrest and seizure of the clandestine laboratory's equipment and chemicals, which were taken into possession under the NDPS Act, 1985. Further investigation remains in progress.

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Customs & Trade

'UK–India Free Trade Agreement will be India's most comprehensive agreement so far': Piyush Goyal at UK–India Week 2026

June 29, 2026

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Capital & Future Frontiers Forum brings together senior ministers, CEOs, investors and innovators to chart the next decade of UK–India trade, capital and technology partnership
LONDON, June 27, 2026 /PRNewswire/ -- The UK–India Free Trade Agreement took centre stage at India Global Forum's Capital & Future Frontiers Forum today, as Hon Piyush Goyal, Minister of Commerce and Industry, Government of India, described it as the most comprehensive trade agreement India has entered into so far.




Held at One Moorgate Place, London, as part of the landmark 10th edition of UK–India Week, the Forum brought together senior ministers, business leaders, investors, founders, policymakers and technology experts to examine how the UK and India can translate the FTA and Vision 2035 into long-term economic growth, capital flows, innovation and commercial partnerships.


The opening fireside chat featured Hon Piyush Goyal and Rt Hon Peter Kyle MP, Secretary of State for Business and Trade and President of the Board of Trade, UK Government, setting the political and economic context for the next phase of the UK–India relationship.


A defining moment for UK–India trade
Speaking at the Forum, Piyush Goyal said:
"Every trading relationship and every partnership stands on its own legs. The UK Free Trade Agreement is going to be the most comprehensive agreement that India has entered into so far, and it will come into force in July."
His remarks positioned the UK–India FTA as a major milestone in India's global trade strategy and a platform for deeper bilateral cooperation across goods, services, investment, innovation and future industries.


UK Business & Trade Secretary Peter Kyle said the agreement formed part of a broader reset in UK–India relations.


"The UK–India FTA was part of a comprehensive resetting of the relationship between Britain and India. When two leaders are so committed to something, and their rapport and relationship are so strong, it puts a rocket under us when it comes to breaking down barriers."
From ambition to execution
Addressing the gathering, Manoj Ladwa, Founder and Chairman, India Global Forum, reflected on the 10th anniversary of UK–India Week and the evolution of the bilateral relationship from goodwill and ambition to structured execution.


He highlighted that bilateral trade has grown from roughly £17 billion when UK–India Week began to nearly £48 billion today, with the FTA projected to increase bilateral trade further in the long run.


Manoj Ladwa said:
"The question is no longer simply how Britain invests in India. It is now how Britain and India build together, with capital, technology, institutions and ambition flowing in both directions."
He added:
"History will not judge us by the conversations we have had. It will judge us by what we build next: the businesses we create, the capital we deploy, the technologies we commercialise, the regions we connect and the partnerships we sustain through disciplined execution."
Capital, technology and the future economy
The Forum examined the forces reshaping the global economy, from capital and geopolitics to artificial intelligence, energy security, life sciences, semiconductors and the future of sport.


Sessions explored how deeper UK–India capital partnerships can move from episodic flows to more structured investment, how India can attract greater weight in global portfolios, and how both countries can build trusted collaboration in frontier technologies.


Speaking during a discussion on technology security, Kanishka Narayan MP, Parliamentary Under-Secretary for AI and Online Safety, said:
"Strategic autonomy isn't about building an island. It's about building bridges that make Britain stronger and give us greater leverage."
The Forum also examined the future of biotechnology and life sciences, with Kiran Mazumdar-Shaw, Chairperson, Biocon Ltd, highlighting the transformational role of AI.


"Biotech is a huge opportunity because computational biology has never been at this scale before. AI has made a transformational difference to the way we look at life sciences."
India's growth story and global capital
Across the programme, senior leaders discussed opportunities in capital markets, clean energy, sport, compute, semiconductors, life sciences, advanced manufacturing and regional investment.


Aryaman Birla, Director, Aditya Birla Group and Chairman Designate, Royal Challengers Bengaluru, spoke about the rise of world-class sporting franchises and the growing economic potential of sport as a serious investment category.


Kanubhai Desai, Finance Minister, Government of Gujarat, highlighted Gujarat's robust financial landscape and stable policy framework, reinforcing the state's position as one of India's most attractive destinations for long-term investment.


The Forum closed with Rajan Bharti Mittal, Vice Chairman, Bharti Enterprises, who offered a powerful assessment of India's long-term growth proposition for global CEOs.


Rajan Bharti Mittal said:
"If India isn't on the agenda of every global CEO, I'd question that CEO. Where else do you find meaningful long-term growth? India is fundamentally a consumption story, powered by a young, educated middle class, manufacturing momentum and trust."
He added that India offers investors long-term confidence through rule of law, democracy, independent regulators and a strong judiciary, positioning the country as a trusted partner for global business.


The next decade of UK–India opportunity
The Capital & Future Frontiers Forum reinforced a central message of UK–India Week 2026: the FTA is not the destination, but the platform for a new decade of investment, innovation and strategic partnership.


The discussions built on earlier UK–India Week engagements in the West Midlands and at India House, including the Gujarat–West Midlands Steering Committee and Gujarat Future Forum, which focused on regional delivery, investment readiness and the practical implementation of the UK–India economic corridor.


The Forum was followed by the prestigious UK–India Awards 2026, India Global Forum's flagship celebration recognising the people, businesses and institutions strengthening one of the world's most consequential bilateral partnerships.


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.


Photo: https://mma.prnewswire.com/media/3001486/Piyush_Goyal1.jpg' alt='Embedded Media' /> Logo: https://mma.prnewswire.com/media/2566069/6016561/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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