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June 15, 2026
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Wholesale price inflation surges as fuel, food and manufactured goods costs rise amid global energy pressures.
Wholesale price inflation rose to 9.68 per cent in May, driven by higher fuel and power, manufactured products, and food articles. The WPI inflation data was released with the base year revised to 2022-23 from 2011-12. Retail inflation also increased, while the Reserve Bank of India continued to focus on consumer price inflation for monetary policy and raised its inflation projection for the current fiscal year because of higher global energy prices and mounting input costs.
June 15, 2026
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PMLA money trail scrutiny drives questioning in the primary school recruitment probe, with financial records and digital evidence cross-checked.
Enforcement Directorate questioning in a PMLA probe into alleged irregularities in primary school recruitments focused on tracing the alleged proceeds of crime and the movement of funds through accounts and entities. The interrogation was to be videographed and cross-checked against financial documents, digital records and statements of other accused persons, with clarification sought on inconsistencies between earlier submissions and materials recovered during searches.
June 15, 2026
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Foreign capital inflows get tax and forex support through RBI swap facilities and concessional borrowing measures.
Measures to attract foreign capital included tax exemptions for foreign investors in government securities and RBI-backed swap facilities for banks and public sector undertakings. The framework allowed banks access to the FCNR(B) swap facility for currency risk management and offered a concessional forex swap facility to encourage external commercial borrowings, with currency hedging borne by the RBI as part of a calibrated approach to support market inflows.
June 15, 2026
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India-UK collaboration in innovation and technology advances alongside talks on trade pact implementation challenges.
India and the UK discussed strengthening bilateral collaboration in innovation, technology, research, startups, and emerging technologies. The meeting also covered issues linked to implementation of the free trade agreement, including British steel safeguard measures that have created obstacles to operationalising the pact.
June 15, 2026
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Rupee appreciation gains strength as softer crude, weaker dollar and easing energy tensions support the currency market.
The rupee strengthened in early interbank trade on the back of softer global crude prices, a weaker US dollar and firm domestic equity markets. Forex traders linked the appreciation to easing energy market pressure after the US and Iran finalised a peace deal expected to reopen the Strait of Hormuz and reduce global oil supply disruption concerns. Market commentary suggested an appreciating bias, while the broader context also noted net foreign institutional selling and a decline in India's forex reserves reported by the RBI.
June 14, 2026
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Disclosure obligations under LODR are challenged over alleged non-disclosure of contingent liability in a demerger listing.
Sebi was urged to withhold the listing of Vedanta Iron and Steel Ltd. pending full disclosure of an alleged contingent liability linked to Goa iron ore mining operations. The complaint alleged that Vedanta Ltd. failed to disclose the liability in demerger documents and stock exchange filings, raising possible breaches of LODR disclosure obligations concerning material information and contingent liabilities. The request also sought a show-cause notice, a bank guarantee in favour of the Goa government, and an independent inquiry into the demerger scheme.
June 14, 2026
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Rupee volatility and forex management are driven by global factors, while RBI intervenes only to curb excessive market swings.
Rupee-dollar fluctuations are driven by multiple global and domestic factors, including geopolitical uncertainty, foreign capital movements and import dependence on crude oil, fertilisers and gold. The Reserve Bank of India intervenes only to curb excessive volatility and stabilise the market temporarily, not to maintain a fixed exchange rate. The finance minister also linked exchange rates to global currency movements, foreign investment flows and foreign exchange management needs.
June 14, 2026
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Fake identity documents and bank accounts allegedly used to run online fraud through a forged common service centre operation.
Alleged operation of a fake Common Service Centre and use of forged identity documents for opening bank accounts and facilitating online frauds. The activity was said to involve fake seals, fabricated records, debit and credit cards, mobile phones, and online payment platforms for illegal gains. A complaint linked to one bank account had earlier been registered on the National Cyber Crime Reporting Portal, and a case was registered under relevant provisions of the Bharatiya Nyaya Sanhita, the Information Technology Act and the Aadhaar Act.
June 14, 2026
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Unauthorised absence as grave misconduct in RBI service discipline, with compulsory retirement sustained after repeated opportunities were ignored.
Unauthorised absence by a senior assistant of the Reserve Bank of India was treated as grave misconduct because prolonged absence from a responsible post was considered detrimental to public interest and capable of justifying disciplinary action. The employee had remained away from duty without permission, and repeated directions to resume work or submit a supported leave application were not met. The disciplinary process included a show-cause notice and enquiry, but several opportunities were given for participation, so the plea of breach of natural justice was not accepted.
June 14, 2026
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Russian crude imports rise in India as refiners expand discounted purchases despite sanctions-related pressures.
India's purchases of Russian crude increased in May as refiners expanded imports of discounted barrels, with Russian hydrocarbons accounting for a substantial share of the country's fossil fuel imports. Several major refining hubs recorded higher Russian crude arrivals, reflecting renewed buying by state-run refiners and continued dependence on Russian supply despite sanctions-related pressures. The report also notes that refineries using Russian crude continued to export oil products to sanctioning countries, underscoring the continued circulation of Russian-origin crude through international refining and product-trade channels.
June 13, 2026
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Energy supply and fuel pricing remain comfortable as excise cuts, stock levels, and E85 expansion shape policy.
Energy supply conditions were described as comfortable, with no shortage of crude oil, LPG or natural gas and with stocks said to be sufficient for more than 60 days for crude oil and natural gas, and about 75-80 days for LPG. Fuel prices were said to have fallen in India after repeated reductions in central excise duty on petrol and diesel, while diesel sale capping was introduced to curb black marketing and E85 fuel infrastructure is being expanded.
June 13, 2026
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Aadhaar issuance restrictions tighten in Assam with adult applications curbed and limited exceptions requiring state approval.
Aadhaar cards are to stop being issued in Assam to persons above 18 years, subject to limited exceptional cases requiring a district commissioner's proposal and state government approval. Aadhaar issuance will continue for persons below 18 years and, for the time being, for members of the Tea Tribe community, Scheduled Tribes, Scheduled Castes and persons with disabilities who have not yet received the document; the restriction is stated to become absolute for those communities above 18 years from April 1, 2027. The State says the measure is aimed at preventing illegal immigrants from obtaining Aadhaar cards.
June 13, 2026
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Honorary Doctorate in Law recognition highlights a legal career marked by public service, complex litigation, and professional integrity.
Advocate Aashutosh Srivastava was conferred an Honorary Doctorate in Law by Washington Digital University, USA, in recognition of his professional dedication, legal service, public-oriented work, and commitment to justice, rights protection, and the rule of law. The article also records his legal career, including his practice since 2006, his firm, appearances before the Supreme Court and High Courts, and his work in complex litigation, economic offences, bail matters, enforcement proceedings, public interest litigation, and RBI-related disputes.
June 13, 2026
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Money laundering remand under the Prevention of Money Laundering Act granted to trace diversion of loan funds and offshore assets.
Custodial remand under the Prevention of Money Laundering Act was sought in an alleged diversion-of-loan-funds investigation involving Reliance ADA Group entities, offshore remittances, foreign bank accounts and the layering of funds. The court granted five days' custody to the Enforcement Directorate to enable confrontation with seized emails, electronic records, financial documents and witness statements for tracing the fund trail, identifying the ultimate beneficiaries and locating domestic and overseas assets, while directing arrangements for medical care.
June 13, 2026
Show AI Summary
SEBI enforcement and Aadhaar policy moves dominate a roundup of regulatory, possession, and bail-related legal developments.
SEBI moved the Supreme Court challenging a Securities Appellate Tribunal order granting relief to managers and a company secretary in the Sahara OFCD matter. The roundup also notes a decision to stop Aadhaar issuance to persons above 18 years of age, fresh bail applications in the 2020 Delhi riots case, and the Centre's physical possession of the Jaipur Polo Ground in Delhi.
June 13, 2026
Show AI Summary
Securities regulatory jurisdiction over debenture issuances and employee liability remains in focus in the SEBI challenge.
Securities regulatory jurisdiction over optionally fully convertible debentures was affirmed on the basis that the debentures issued by Sahara India Commercial Corporation Ltd. were treated as a public offer rather than a private placement, in view of the large-scale mobilisation of funds from a very large number of investors. The tribunal separately granted relief to four managers and the company secretary, holding that they could not be treated as liable for the company's acts merely by reason of their employment. SEBI has challenged only this part of the ruling before the Supreme Court.
June 13, 2026
Show AI Summary
Strategic divestment and transitional partnership reshape AXISCADES' aerospace engineering business through a two-tranche acquisition structure.
A strategic divestment programme has been announced for AXISCADES' Aerospace Engineering Services business, under which Akkodis is to acquire a controlling interest in two tranches, beginning with 51% and followed by the balance over the next 24 to 30 months. The transaction covers design, engineering analysis, certification support and lifecycle engineering services, and is subject to customary regulatory and competition law clearances. The parties are to act as strategic partners during the transition, with transitional services for systems, certifications and employee continuity.
June 13, 2026
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Quality and skilling ecosystem partnership expands certification, testing access and training support for leather and footwear workers.
Quality Council of India and Footwear Design and Development Institute have entered into a Memorandum of Understanding to strengthen the quality, testing, accreditation and skilling ecosystem in the leather and footwear sector. The collaboration is directed at building a structured framework for capacity building, certification, testing infrastructure development and quality ecosystem support across major footwear clusters, with emphasis on workers, MSMEs, supervisors and other stakeholders in the value chain. The partnership assigns QCI a role in providing technical guidance on accreditation principles, quality management systems and standards, while also supporting awareness initiatives on quality, testing, accreditation and applicable government schemes. FDDI is to lead cluster-specific skilling and training programmes, map testing and calibration laboratories, identify gaps in laboratory access, support sample collection centres and develop knowledge resources.
June 13, 2026
Show AI Summary
Aadhaar issuance restriction targets adult applicants in Assam, with exceptional cases requiring state permission.
Aadhaar card issuance in Assam is being restricted for persons above 18 years of age to prevent illegal immigrants from obtaining the document. In exceptional cases, a district commissioner may send a proposal to the State government seeking permission for issuance.
June 13, 2026
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General trade digitisation through DigiDukaan aims to streamline kirana procurement, improve scheme visibility, and strengthen FMCG supply chains.
DPIIT and ONDC convened an industry roundtable on DigiDukaan to digitise B2B procurement for kirana stores across India's General Trade ecosystem. The discussion focused on fragmented ordering, limited inventory visibility and manual sales processes, and on how open digital infrastructure can improve procurement efficiency, scheme visibility, fill rates, working capital management, distributor reach and access to retailer demand signals.

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Customs & Trade

Fearmongers wallowing in depths of despair after India successfully navigated energy crisis: PM Modi

July 4, 2026

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Pachpadra (Rajasthan), Jul 4 (PTI) India successfully navigated one of the biggest global energy crises of the century through proactive policies, diversified fuel sourcing and strong diplomatic ties, with "minimal burden" on citizens, while major countries struggled, Prime Minister Narendra Modi said on Saturday.

Some forces were busy spreading fear in public and political games were played, but "they must be wallowing in the depths of despair today", Modi said at a public meeting, asserting that the country's handling of the situation would be remembered as an "unprecedented" chapter in history.

"The war in West Asia created the biggest energy crisis of the 21st century. Many powerful nations struggled with fuel shortages. India overcame this challenge because it took the right decisions at the right time, assessed the situation correctly, used its resources in a balanced manner and utilised its diplomatic strength positively," he said.

Prime Minister Modi, who dedicated the country's first greenfield integrated refinery-cum-petrochemical complex to the nation in Rajasthan's Balotra area, lauded authorities for working tirelessly over the last two months to repair the project, where a major fire had occurred on April 20, forcing the postponement of its scheduled inauguration by the PM the next day.

On Friday, strong winds accompanied by rains damaged banners and hoardings at the refinery site ahead of the prime minister's visit and workers were engaged since Saturday morning for the repairs.

The prime minister said India has substantially expanded its refining capacity while several developed regions have failed to do so.

"The United States has not built a new refinery in the last 50 years. Europe's refining capacity has continuously declined. India has now become the world's fourth-largest country in refining capacity and this capacity will continue to grow," he said.

The prime minister spoke about how LPG production was maximised, PNG connections increased and energy imports were sourced from more than 40 countries to overcome the crisis and shield citizens in India from the worst impact of the crisis.

He said oil companies incurred losses of over Rs 75,000 crore between April and June due to rising global prices, but the government absorbed the burden.

"In several countries, diesel and petrol prices rose by 40 to 50 per cent and fuel was distributed through quotas. India did not witness such a situation even for a single day.

"Rumours were spread, people were frightened and political games were played, but those with wrong intentions did not succeed," he said, apparently attacking the Congress and other opposition parties.

He noted the government was working round the clock at the policy and diplomatic levels to tackle the crisis. Every sensitive decision taken during that period will one day become part of history. What India achieved during this crisis is unprecedented, he said.

"Those who wished to see India fail had even begun making predictions.. their malicious intentions did not succeed," he said.

Modi said nearly 70 per cent of India's LPG requirement was met through imports and about 90 per cent of those supplies came from Gulf countries through the Strait of Hormuz. The conflict had nearly halted those supplies.

He said the government immediately decided to maximise domestic refining capacity for LPG production.

"Industrial gas production was shifted in favour of LPG production. Within seven days, refinery output of LPG increased significantly. During the crisis, LPG production went up by 54,000 metric tonnes. Refineries that had never produced LPG earlier were also reconfigured," he said.

The government simultaneously ensured that PNG connections expanded rapidly so that domestic demand for LPG remained under control, Modi said.

"More than 11 lakh households were connected with PNG in a very short period. Domestic consumers were also protected from the burden of rising prices. Experts believed a domestic LPG cylinder could cost Rs 2,000. Today it is available at around Rs 950," he said.

He said commercial LPG prices were also reduced substantially. Referring to petroleum products, Modi said crude oil prices had surged from about USD 70 per barrel to USD 120 per barrel after the conflict escalated and supply routes were disrupted.

He said India expanded energy imports significantly during the West Asia crisis.

"When the crisis began, India was importing energy from about 25-26 countries. During the crisis, we increased this to more than 40 countries," he said, attributing the turnaround to India's diplomacy.

On oil companies incurring losses, he said, "We reduced excise duty by Rs 10 per litre and ensured that the burden on citizens did not increase significantly." The prime minister said the country has become the world's fourth-largest in refining capacity and continues to expand. He also credited his government's long-term policies with overcoming global disruptions in fuel and fertiliser supply caused by the war between Iran and the US-Israel combine.

Talking about the refinery project, he said an agreement for the Pachpadra refinery project had been signed in 2017, but work slowed considerably during the previous Congress government in Rajasthan between 2018 and 2023.

"Because of the Congress government's lack of cooperation, work on the project almost came to a standstill. After the double-engine government came to power, work gathered pace. Today we are dedicating the project to the nation. We not only lay foundation stones but also complete and inaugurate projects," he said.

The prime minister was speaking after dedicating and launching development projects worth around Rs 1.06 lakh crore.

Modi said global conflicts had also affected fertiliser supplies, particularly after the Ukraine war, but India managed the situation.

The prime minister said self-respect of an individual or a nation can remain high only when they are self-reliant.

He said the BJP governments do not simply lay foundation stones for projects and leave them. "We work day and night to ensure their completion," he said.

Modi also accused the Congress of neglecting the interests of Rajasthan and not resolving the water crisis.

He noted that Rajasthan and Haryana have signed an agreement to provide Yamuna water to Rajasthan's Shekhawati region.

"The agreement has been signed. It will benefit people in Sikar, Churu, Jhunjhunu and nearby areas. Around Rs 34,000 crore will be spent on this project," he said.

Rajasthan Governor Haribhau Bagade, CM Bhajanlal Sharma, Union petroleum and natural gas minister Hardeep Singh Puri, deputy chief ministers Diya Kumari and Prem Chand Bairwa, several ministers and other public representatives, officials and a large number of people were present in the programme. PTI AG SDA RT

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