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    OmniCard Launches India's First Flexi Benefits Basket on UPI — Employee Benefits Beyond Just Meals
    Final US Section 301 Measures on Forced Labour: India Placed in Lower Tariff Tier at 10%
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July 27, 2026
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UPI-enabled flexi benefits wallets support employee-selected tax-efficient allowances with category controls, compliance monitoring and employer reporting.
A UPI-enabled flexi benefits wallet is described as allowing employees to allocate employer-provided allowances among eligible categories and make payments through the relevant wallet at UPI-accepting merchants. Tax-efficient treatment is stated to depend on the prescribed conditions applicable to each benefit category. Merchant-category-code controls are intended to restrict expenditure to eligible purposes, while centralised allocation, transaction visibility and reporting support employer compliance. The arrangement is stated to operate through a Reserve Bank of India licensed prepaid payment instrument framework.
July 27, 2026
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Section 301 forced-labour measures place Indian imports in a lower tariff tier while preserving specified product exclusions.
Section 301 forced-labour import measures impose an additional ad valorem duty on imports from India, with India placed in a lower additional-tariff tier than initially proposed. Specified exports that attract no additional duties, and goods already subject to Section 232 measures, remain outside the Section 301 additional duty. A substantial portion of Indian exports is therefore excluded, while the remaining exports are subject to the additional duty. The textile-specific mechanism has not yet been operationalised, and engagement continues in relation to that mechanism and bilateral trade agreement negotiations.
July 27, 2026
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FCV tobacco market stability remains under review through coordinated measures to protect growers and maintain transparent auction operations.
FCV tobacco market stability was reviewed with emphasis on protecting growers' interests and considering long-term measures for the sector. The delegation inspected Tobacco Board auction operations, interacted with growers on prevailing market conditions, and noted the transparent and orderly conduct of auctions. The Government is monitoring developments and examining appropriate measures with the State Government, Tobacco Board and stakeholders to safeguard FCV tobacco farmers' interests.
July 27, 2026
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Corporate Mitra Scheme supports MSMEs through accredited professionals delivering affordable compliance, financial, taxation, accounting and governance assistance.
The Corporate Mitra Scheme seeks to strengthen MSMEs by connecting them with accredited para-professionals providing affordable compliance and business-support services. Corporate Mitras are envisaged to assist with regulatory compliance, finance, taxation, accounting and governance, allowing enterprises to focus on growth. The scheme also trains young graduates in industry-relevant skills and creates employment opportunities. IICA Shillong serves as the nodal agency for coordination, stakeholder liaison, promotion and awareness in the North Eastern Region.
July 26, 2026
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Tax administration must deliver timely lawful service, protect public assets, and uphold integrity in tax collection.
Tax administration should assist common citizens by handling matters within departmental authority without unnecessary delay, while remaining within applicable rules. Government departments should protect public land from illegal occupation and expedite lawful land transfers, permissions, construction arrangements and procurement for departmental premises and accommodation. Integrity is the essential principle for officials performing tax-collection functions.
July 26, 2026
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Investment fraud and forged residence certificates prompted chargesheets over alleged misappropriation, fabricated revenue records, land purchases and employment access.
Criminal chargesheets concerned alleged investment fraud through false promises of high returns and alleged misappropriation of investor funds, involving a company stated to be unregistered with SEBI, RBI and the relevant Registrar of Companies. A separate chargesheet concerned alleged conspiracy to procure permanent resident certificates using forged revenue records, with the certificates allegedly used for land purchases and government employment. Forensic examination reportedly found that the relevant revenue documents were not genuine according to official records.
July 25, 2026
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Money-laundering allegations in online rummy gaming prompt prosecution proceedings and asset attachment over suspected cheating of users.
Money-laundering proceedings concerning online real-money rummy operations include a prosecution complaint against Gameskraft Technologies, RummyTime Technologies, founder-directors and associated persons. The allegations concern proceeds of crime said to arise from cheating users through rummy applications and from an addictive environment encouraging repeated wagering. The proceedings also involve provisional attachment, seizure and freezing of financial holdings, equity interests and immovable properties alleged to be connected with suspected proceeds of crime. The founder-directors' arrests were declared invalid by the Karnataka High Court, while the investigating agency proposes to challenge that order.
July 25, 2026
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Banking financial performance reflected loan and deposit growth, improved asset quality, stronger margins and prudent contingency provisioning.
Quarterly financial performance reflected growth in customer business, loans and deposits, expansion in lending portfolios, an improved CASA ratio and lower cost of funds. Asset quality improved through reductions in gross and net non-performing assets, while profitability indicators improved in relation to net interest margin, cost efficiency, provisions, net profit and return on assets. The bank received credit-guarantee claims for its microfinance portfolio and created a contingency provision for macroeconomic and geopolitical uncertainty. Capital adequacy and common equity tier-one ratios were also reported.
July 25, 2026
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Forced-labour import tariffs place Indian goods under an additional duty while exemptions preserve access for specified exports.
A 10 per cent Section 301 additional import duty applies to specified Indian goods over and above ordinary most-favoured-nation duty, following a forced-labour-related investigation. Generic pharmaceuticals, smartphones, other specified products, and goods already subject to Section 232 sectoral duties remain outside the additional levy. The textile-specific mechanism has not yet been operationalised for India, while tariff-rate quota concessions using US-origin cotton and fibre were announced for certain other economies. India continues engagement on a bilateral trade agreement and tariff access for garments using American inputs.
July 25, 2026
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Copper Clad Laminate expansion advances through policy and rights-issue approvals, supporting domestic electronics manufacturing and strategic growth initiatives.
The company reported progress on a proposed Copper Clad Laminate manufacturing project, including in-principle approval under the Gujarat Electronics Policy and substantial project completion. The facility is intended to support domestic electronics manufacturing and reduce import dependence. It also reported upgraded credit ratings, enhanced rated bank facilities, and stock-exchange in-principle approvals for a proposed rights issue supporting expansion and strategic growth initiatives.
July 25, 2026
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US forced-labour tariffs place India in a lower tier while preserving exclusions for specified imports and Section 232 products.
US Section 301 forced-labour measures impose an additional 10 per cent tariff on imports from India, with India placed in a lower tariff tier than initially proposed. Generic pharmaceuticals, smartphones and certain specified products outside additional duties remain excluded, as do products already covered by Section 232 measures, including steel, aluminium and auto parts. The textile-specific mechanism has not yet been established or operationalised, and engagement continues in connection with bilateral trade agreement negotiations.
July 25, 2026
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Money-laundering investigation examines alleged fictitious expenses, circular vendor payments, and consultancy payments without services or deliverables.
A money-laundering investigation alleges misappropriation through fictitious expense entries, unsupported vouchers, and inflated vendor invoices used to withdraw funds in cash. The Enforcement Directorate further alleges that payments described as software or IT consultancy expenses were made to Exalogic Solutions Pvt Ltd and Veena T without services or deliverables. The report cites statements concerning the alleged sham payments, Exalogic's dependence on company funds, and subsequent transfers from its account. The PMLA case is based on a prosecution complaint concerning suspected financial irregularities.
July 25, 2026
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Tax certainty and taxpayer-centric administration drive simplified compliance, reduced litigation, digital service delivery, and stronger voluntary tax compliance.
Tax administration reform under the Income-tax Act, 2025, rules and forms is directed toward a simpler, transparent and taxpayer-centric system. Key priorities include reducing compliance costs and litigation through tax certainty, faster return processing, refunds, grievance redressal, voluntary compliance and timely appeal disposal. Digital initiatives, including PAN 2.0, ITBA 2.0, IEC 3.0, Kar Saathi and SAKSHAM NUDGE, are intended to simplify compliance and improve taxpayer experience. Capacity building in technology, international taxation, transfer pricing, digital assets and cybersecurity supports this reform agenda.
July 24, 2026
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Trade Practice Investigation: Tech-company antitrust fines prompt proposed tariffs and trade sanctions under federal trade law mechanisms.
A formal investigation into alleged unfair trade practices has been announced in response to European regulatory fines imposed on major United States technology companies. The stated concern is that digital antitrust penalties are unfairly directed at United States businesses, with possible tariffs on European Union imports indicated. The proposed response is linked to Section 301 of the Trade Act of 1974, permitting import taxes and other sanctions against unjustifiable, unreasonable or discriminatory trade practices.
July 24, 2026
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Import tariffs and energy costs heighten inflation risks, pressuring consumers, corporate profits and monetary-policy expectations amid market volatility.
Fresh tariffs on imports, rising energy prices and Middle East conflict are identified as concurrent pressures on global financial markets. The tariff measures apply to nearly all imports into the United States and are paid by importing companies, which typically pass the additional costs to consumers. Higher energy costs and tariffs may increase inflationary pressure, reduce household discretionary spending and affect corporate profitability, while influencing monetary-policy expectations. Investors also questioned whether substantial artificial-intelligence investment can support technology-sector valuations.
July 24, 2026
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Responsive tax governance promotes taxpayer convenience, correction of bona fide errors, tax certainty, prompt refunds and prevention of avoidable litigation.
Responsive tax governance requires convenience for honest taxpayers, correction of bona fide errors and firm consequences for deliberate tax evasion. The Income Tax Act, 2025 is intended to simplify the legal framework, reduce uncertainty and lower compliance costs, supported by stronger electronic filing infrastructure and prompt refund processing. Tax certainty should promote voluntary compliance and shift the focus from litigation management to litigation prevention through consistent guidance, simplified procedures, technology, standardised processes, effective grievance resolution and reduction of recurring taxpayer difficulties.
July 24, 2026
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Examination integrity safeguards prompt monitoring, enforcement action and proposed stricter penalties for paper leaks and institutional failures.
Examination integrity measures include reported termination of agency officials, contemplated legal and criminal action, proposed stricter punishment for paper leaks, and Supreme Court monitoring of preventive steps. The Supreme Court also prohibited unauthorised posting or uploading of audio-video court proceedings on social media and digital platforms without prior administrative permission. The updates further address taxpayer facilitation alongside firm action against evasion, trade measures connected with forced-labour concerns, and potential legal action concerning university communications to students.
July 24, 2026
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Foreign exchange market stabilisation supported rupee recovery as investor outflows, geopolitical tensions and elevated crude prices maintained currency pressure.
Foreign exchange market conditions saw the rupee recover against the US dollar amid reports of Reserve Bank of India intervention and dollar sales by public-sector banks to limit further depreciation. Foreign institutional investor outflows, weak domestic equity sentiment, geopolitical tensions, and elevated crude oil prices continued to pressure the currency. A decline in crude prices, diplomatic engagement, and central-bank intervention were identified as potential stabilising factors.
July 24, 2026
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Forced-labour import prohibition enabled lower tariff treatment for Sri Lankan goods, supporting export competitiveness and responsible trade practices.
Tariff treatment for Sri Lankan goods entering the United States was reduced after Sri Lanka prohibited imports of goods produced using forced labour. The prohibition placed Sri Lanka within the lower tariff category under the stated US framework. The reduction is described as supporting exporter competitiveness while reflecting commitments to fair trade, responsible business practices, internationally accepted labour standards, and sustainable economic reforms.
July 24, 2026
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One District One Product strengthens district product branding, market access, food-processing support and export-oriented value chains.
The One District One Product initiative supports district-identified products through branding, market access, exhibitions, capacity building and Government e-Marketplace onboarding. States and Union Territories select products and may leverage Central and State schemes, as no district-specific allocation is made. PM Ekta Malls and the PMFME Scheme support sales, food-processing projects, common infrastructure, branding, packaging, quality standardisation and food-safety compliance. Districts as Export Hubs promotes export-potential products through export committees, action plans and value-chain coordination.

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Customs, DGFT & SEZ

DPIIT's One District One Product Initiative Promotes 1,244 Unique Products Across 773 Districts

July 24, 2026

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PM Ekta Malls and PMFME Scheme Strengthen Market Access for ODOP Products

One District One Product (ODOP) is an initiative by the Department for Promotion of Industry and Internal Trade (DPIIT) with the aim of selecting, branding, and promoting at least one product from each district of the country to enable holistic growth across all regions. The selection of ODOP products is undertaken by the respective State/UT Governments. As of date, 1,244 products have been identified across 773 districts in the country under the ODOP framework.

Several steps have been undertaken to promote and enhance the visibility of the ODOP products includes facilitating participation in domestic and international exhibitions, capacity building initiatives in collaboration with various agencies; e-commerce onboarding drives for Government e-Marketplace (GeM) - ODOP Bazaar.

Under the Scheme for Special Assistance to States for Capital Investment (SASCI), financial assistance of up to ₹200 crore per State/ Union Territories with legislatures - Delhi, Jammu & Kashmir, and Puducherry is provided through a 50-year interest-free loan for establishment of PM Ekta Malls (Unity Malls) to promote the sale of ODOP, GI, and local handicraft products.

The Pradhan Mantri Formalisation of Micro food processing Enterprises (PMFME) Scheme implemented by the Ministry of Food Processing Industries (MoFPI) adopts ODOP approach in food processing sector. It provides 35% credit-linked capital subsidy with maximum for ₹10 lakhs for eligible projects, Seed Capital support to SHG members, Capacity Building through Entrepreneurship Development Programme (EDP) and product-specific training, assistance for Common Infrastructure and Common Incubation Centres, and Branding & Marketing support, including common branding, packaging, quality standardisation and food safety compliance for all the products including ODOP. PMFME Scheme provides support under the Branding & Marketing component @ 50% grant for common branding, packaging, quality standardisation and food safety compliance.

No district-specific financial allocation is made under the ODOP initiative. States/UTs are encouraged to leverage the benefits available under various Central and State Government schemes for the development of ODOP products. These include schemes relating to MSMEs, food processing, skill development, exports, handicrafts, handloom, agriculture, and allied sectors, which provide support for infrastructure development, credit, skill upgradation, quality improvement, branding, market access, and exports.

The PMFME Scheme promotes convergence with other Central initiatives to strengthen both backward and forward linkages. For backward linkages, the Ministry works with the Ministry of Agriculture & Farmers' Welfare to facilitate clustering of Farmers with food processing clusters. For forward linkages, Convergence Committees have been constituted with APEDA and the Department of Fisheries to promote export-oriented value chains. Under this convergence, 24 common ODOP product clusters have been identified with APEDA and 7 fish and marine product clusters with MPEDA, to facilitate branding, market access and export promotion.

Under the ‘Districts as Export Hubs’ initiative, the Government aims to promote grassroots export growth by identifying potential products and services across districts in consultation with all stakeholders, including States/UTs. Through this framework, export-potential products and services have been identified in 734 districts. Further, State Export Promotion Committees (SEPCs) and District Export Promotion Committees (DEPCs) has been established across all 36 States/UTs to facilitate implementation and resolve supply chain bottlenecks and 249 District Export Action Plans (DEAPs) have been adopted by their respective DEPCs to streamline the value chain from production to export.

To facilitate market access for ODOP products, a dedicated ODOP Storefront has been established on the Government e-Marketplace (GeM). More than 500 ODOP product categories covering over 1,300 products are available on GeM for procurement. In addition, more than 10 States have developed dedicated e-commerce platforms for marketing and sale of ODOP products. ODOP products are featured at national exhibitions, trade fairs and other promotional events, helping artisans showcase goods and connect with buyers.

For promoting ODOP at international level, collaborated with MEA and Indian Missions abroad to organize promotional events, including exhibitions, buyer–seller meets, and participated in international exhibitions. ODOP Walls have been setup at Indian Missions to showcase ODOP products from various States/Districts. Three international retail stores (two in Singapore and one in Kuwait) are selling ODOP Products. ODOP products have also been included as official gifts during various bilateral/multilateral meetings, thereby enhancing their visibility in international markets.

The initiatives under ODOP have contributed to promotion of local products, improving market access, encouraging entrepreneurship and supporting employment generation. Specific details regarding exports under ODOP is not maintained centrally.

This information was given by Minister of State for Ministry of Commerce and Industry, Shri Jitin Prasada in a written reply in Rajya Sabha today.

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