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    ED arrests 2 former executives of Reliance Anil Ambani Group
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    2 TCS employees booked for abetment over colleague''s ''suicide'', company says it is ascertaining facts
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June 12, 2026
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Money laundering probe over alleged bank loan fraud leads to arrests of former Reliance Telecom executives.
The Enforcement Directorate arrested two former Reliance Anil Ambani Group executives under the Prevention of Money Laundering Act in connection with an alleged bank loan fraud involving Reliance Telecom Ltd. The agency took transit remand to move them to Delhi, where the case is registered. The ED is stated to have taken cognisance of a prior CBI complaint and is examining their roles in the alleged fraud.
June 12, 2026
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Money laundering enforcement under anti-money laundering law leads to arrest of former corporate executives in a linked case.
The Enforcement Directorate arrested two former executives of the Reliance Anil Ambani Group under the Prevention of Money Laundering Act in a money laundering case. The arrests were made in Mumbai, and the accused were taken to Delhi on transit remand because the case was registered in the national capital. The two individuals had previously served as directors in Reliance Telecom Ltd.
June 12, 2026
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Economic growth and external resilience define India's expanding macroeconomic strength, despite recession concerns and debt repayment fears.
India's macroeconomic position is described as having strengthened through robust growth, high foreign exchange reserves and expanding external resilience. The text states that concerns about recession were dismissed on the basis that India continued to record the highest growth rate among major economies, with GDP growth remaining strong in the latest quarter and the fiscal year. It also notes that India had become the world's fourth-largest economy and was on course toward a USD 5 trillion economy. The article further highlights external sector stability by stating that India's foreign exchange reserves were sufficient to cover nearly 11 months of imports and that the country had the capacity, if required, to repay 94 per cent of its foreign debt in a single day.
June 12, 2026
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Abetment to suicide allegations arise after a workplace death, with the company saying it is ascertaining the facts.
Police registered a case of alleged abetment to suicide against three persons, including two employees of an IT company, after the death of a 48-year-old staffer. The complaint relied on a purported suicide note alleging defamatory emails, repeated humiliation before colleagues, denial of favourable work assignments, assignment of work outside the victim's expertise, and pressure to resign. The company said it was ascertaining the facts and reaffirmed its commitment to a respectful and inclusive workplace.
June 12, 2026
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Economic resilience and strong growth keep India ahead of recession forecasts amid robust GDP and reserves.
India's economic performance was described as resilient despite recession forecasts, with the current growth rate stated to be the highest in the world. GDP growth was reported at 7.8 per cent in the January-March quarter and FY26 expansion at 7.7 per cent, while India was said to have become the world's fourth-largest economy and to be moving towards a USD 5 trillion economy. The account also highlighted large foreign exchange reserves, claimed debt-repayment capacity, and strong digital payment adoption through UPI.
June 12, 2026
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Retail inflation pressures intensify as food costs and fuel pass-through lift CPI and widen upside risks for monetary policy.
Retail inflation rose to 3.93 per cent in May 2026, driven mainly by higher food prices and the pass-through of rising global energy costs into domestic petrol and diesel rates. CPI-based food inflation increased to 4.78 per cent, with sharp price pressures in perishables and other items, while the RBI's inflation objective remains 4 per cent within a tolerance band of 2 per cent on either side. The RBI had raised its inflation projection for the current fiscal year to 5.1 per cent.
June 12, 2026
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Contingency fund use for routine pension payments raises questions over unforeseen expenditure limits and fiscal management.
Withdrawal from the Bihar Contingency Fund for pension payments was criticised on the ground that contingency money is meant only for unforeseen or emergent expenditure. The state's fiscal condition was described as strained, and the Bihar Contingency Fund (Amendment) Ordinance, 2025 was cited as allowing temporary enhancement of the fund up to 10 per cent of the annual expenditure budget.
June 12, 2026
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Foreign exchange reserves decline as lower foreign currency assets are partly offset by higher gold reserves.
India's foreign exchange reserves declined to USD 681.610 billion in the week ended 5 June 2026, mainly due to a sharp fall in foreign currency assets. The decrease was partly offset by higher gold reserves, a marginal rise in special drawing rights, and the reported IMF reserve position.
June 12, 2026
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Anti-smuggling operations target foreign-origin cigarette trafficking across the North Eastern Region with major seizures and arrests.
The Directorate of Revenue Intelligence conducted coordinated anti-smuggling operations in the North Eastern Region against foreign-origin cigarettes. Since May 2026, the operations led to seizure of about 71 lakh sticks of smuggled cigarettes, cumulatively valued at approximately Rs. 14 crore, and the arrest of four persons. A major seizure was made in Mizoram on 11 June 2026, where more than 45 lakh sticks were recovered with assistance of the 34th Battalion, Assam Rifles, and preliminary investigation indicated smuggling from Myanmar through the Zokhawthar sector.
June 12, 2026
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International tax and transfer pricing outreach highlights the transition to the new Income-tax Act and compliance mechanisms.
The Income Tax Department and PwC India organised an outreach webinar on the transition to the Income-tax Act, 2025 and the new Income-tax Rules, 2026, focusing on international tax and transfer pricing. The session discussed cross-border transfer pricing, international cooperation, India's role in the global taxation ecosystem, and the relevance of Advance Pricing Agreements and Safe Harbour provisions for certainty and compliance.
June 12, 2026
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Precision engineering scale strengthens customer embedment as Unimech Aerospace reports order-book growth and a sharp quarterly recovery.
Unimech Aerospace & Manufacturing Ltd. reported a rebound after tariff-related ordering delays, with its order book tripling to about ?314 crore and Q4 FY26 showing a sharp recovery in revenue, EBITDA and PAT. The company said more than 200 first-article qualifications were completed, several converting into production, and described its integrated manufacturing and qualification platform as the basis of stronger customer embedment and switching costs. It also highlighted the Hobel Bellows acquisition, nuclear orders, indigenous micro gas turbine development, and a Saudi joint venture as part of its growth strategy.
June 12, 2026
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Retail inflation rises on higher food and fuel prices as RBI lifts inflation outlook for the fiscal year.
Retail inflation rose to 3.93 per cent in May, driven by higher food prices, while CPI food inflation increased to 4.78 per cent. The Reserve Bank of India factors CPI inflation in monetary policy and has a mandated headline inflation target of 4 per cent with a 2 per cent tolerance band. The RBI also raised its inflation projection, citing mounting input costs and the pass-through of higher global energy prices to retail petrol and diesel prices.
June 12, 2026
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India-EU free trade agreement seen as boosting Germany-India trade, manufacturing, IT and renewable energy cooperation.
The proposed India-European Union Free Trade Agreement is expected to strengthen Germany-India trade relations and create additional opportunities for German companies to expand their presence in India. The focus includes manufacturing and information technology, with interest extending beyond established hubs such as Pune and Bengaluru to other regions of the country. Cooperation is also described in the fields of renewable energy, solar energy, environment and sustainable development, supported by the Indo-German Green and Sustainable Development Partnership.
June 12, 2026
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Enterprise AI and data transformation expand with a new platform lab for scalable analytics and automation.
Enterprise AI and data transformation infrastructure was expanded through the launch of an Oracle AI Data Platform Lab and Centre of Excellence designed to address fragmented data systems, slow analytics cycles, limited AI scalability and operational inefficiencies. The facility is intended to make enterprise data AI-ready and support deployment of AI-powered applications and automation at scale using Oracle Cloud Infrastructure, Oracle Autonomous AI Database and OCI Enterprise AI. Similar labs and centres are planned in additional Indian cities.
June 12, 2026
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Money laundering probe over alleged CMRL-Exalogic transactions leads to fresh summons and document production requirements.
Enforcement Directorate issued a fresh summons in a money laundering probe involving CMRL and Exalogic Solutions Private Limited, requiring appearance with relevant documents. The inquiry concerns alleged payments without services and a loan transaction said to have generated proceeds of crime, with the case registered under the Prevention of Money Laundering Act on the basis of an SFIO complaint.
June 12, 2026
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Money laundering probe over alleged fraudulent company transactions and bogus expenses leads to fresh questioning summons.
Enforcement Directorate issued fresh summons in a money-laundering probe over alleged fraudulent transactions between a defunct IT company and a Kerala-based sand mining company. The investigation concerns consultancy-linked payments, loans despite repayment default, and whether the transactions generated proceeds of crime. The background also refers to alleged bogus expenditure entries, cash generation, prior searches, admissions before tax authorities, and a prosecution complaint filed after the complaint-based investigation.
June 12, 2026
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Responsible lending drives A&H Finverse's pan-India expansion, offering customised financing for complex business needs.
A&H Finverse has been launched as the evolved identity of A&H Capital, with a continued emphasis on responsible lending, transparency, fairness and ethical business finance. It positions itself as a specialist in large-ticket and complex financing needs, offering customised solutions through unsecured business loans, structured finance, construction finance, trade finance, working capital solutions, crisis funding, capital raising through NCDs and structured instruments, and sector-specific funding. The firm also highlights its pan-India expansion, including South India and a branch office in Kolkata.
June 12, 2026
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Structured debt financing supports export-led manufacturing expansion, operational nization, and supply-chain strengthening for a textile exporter.
A textile manufacturer and exporter secured a structured debt facility to support export-led growth, including execution of confirmed overseas orders, procurement, manufacturing, inventory management, logistics, packaging, shipment, and related working-capital needs. The secured corporate debt arrangement was tailored to the company's export cycle, liquidity requirements, and commercial expansion plans, and was also intended to fund manufacturing expansion, process automation, quality assurance systems, compliance infrastructure, and supply-chain strengthening.
June 12, 2026
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Rupee movement strengthens as weaker dollar, lower crude prices, and improved market sentiment support early forex trade.
Rupee movement in early foreign exchange trade was influenced by retreating global crude oil prices, a weaker US dollar, and improved domestic equity-market sentiment. The local unit opened stronger and moved higher against the US dollar after earlier weakness, with traders attributing the gain to reduced oil-price pressure following indications of an imminent Iran-related deal and the cancellation of planned military strikes.
June 12, 2026
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Free trade agreements with developed economies are positioned as engines for investment, innovation, jobs and quality upgradation.
India's strategy of entering free trade agreements with developed economies is aimed at supporting long-term growth through expanded global engagement, investment inflows, innovation, job creation, quality upgradation and deeper participation in international trade. The India-EFTA Trade and Economic Partnership Agreement is described as a framework for trade, investment and innovation-led cooperation, with the EFTA countries committing investment support and direct job creation over the implementation period, while India provides access to a large and growing market.

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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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