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    Following are the top foreign stories at 2015 hours
    Pending civil suits, arbitral claims stand abated after resolution plan approved under IBC: SC
    India'€™s forex kitty jumps USD 964 mn to USD 675.15 bn
    Rupee rises 14 paise to close at 96.28 against US dollar
    Office of Economic Adviser to Release Revised Index of Core Industries Series with Base Year 2022–23
    Fourth Edition of IICA’s National Conference on Responsible Business Conduct (NCRBC) 2026 held in New Delhi
    Reliance promoters raise stake by 0.5 pc through Rs 8,500-9,000 cr worth of share purchases
    US Senate bill seeks 100% tariffs on India, 4 other nations for buying Russian oil
    NRIs can bring USD 70-80 bn into India through FCNR deposits: expert
    NetAcct Solutions Launches Entries ERP Powered by the Entries AI Platform
    Union Minister of Commerce and Industry, Shri Piyush Goyal Leads High-Level Delegation to Finland to Strengthen Trade and Investment Ties
    India Achieves Major Milestone at Codex Commission with Adoption of Three Global Standards for Spices
    Centre for Trade and Investment Law launches guidebook to help Indian MSMEs expand into global markets
    Brazil calls Trump's 25 pc tariff unjustifiable, vows to impose reciprocal tariffs
    Trump administration races clock to rebuild US tariff wall knocked down by SC
    JK marks maiden export of premium cherries, plums to Singapore
    Chhattisgarh govt departments owe Rs 3,117 crore in power bills, assembly told
    Rupee weakens 17 paise to settle at 96.42 against US dollar; loses 1.5 pc in four sessions
    India-UK CETA takes effect: First zero-duty Indian coffee, jewellery consignments reach UK shores
    Govt to replace Ordinance by introducing Income-tax (Amendment) Bill in Monsoon session
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July 17, 2026
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Russian oil purchase tariffs and tighter visa oversight reshape trade exposure and immigration compliance for foreign nationals.
Proposed trade tariffs on purchases of Russian oil would target specified countries, including India and China, while exempting European purchasers of Russian gas. Separately, tighter United States visa regulations for international students, exchange visitors and journalists would end a long-standing arrangement allowing indefinite residence without government oversight. The reported changes may materially affect foreign nationals, including Indian nationals, through differentiated trade treatment and enhanced immigration compliance requirements.
July 17, 2026
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Clean slate doctrine extinguishes uncrystallised operational claims and pending proceedings once an approved insolvency resolution plan becomes binding.
The clean slate doctrine under the Insolvency and Bankruptcy Code is described as abating or extinguishing pending civil suits and arbitration involving pre-insolvency operational claims that had not crystallised into determinable and quantifiable amounts before resolution-plan approval. Claims must be submitted to and determined by the resolution professional, and only crystallised claims incorporated in the approved plan remain payable under its prescribed treatment. Once final, the creditor list and approved plan bind all stakeholders.
July 17, 2026
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Foreign exchange reserves rose as foreign currency assets, gold, Special Drawing Rights and IMF reserve position increased.
Foreign exchange reserves increased during the reporting week, principally because foreign currency assets rose. Reserve components include foreign currency assets, gold reserves, Special Drawing Rights and the reserve position with the International Monetary Fund. Foreign currency assets, expressed in dollar terms, reflect valuation effects arising from movements in non-US currencies held in the reserves. Gold reserves, Special Drawing Rights and the reserve position with the International Monetary Fund also increased.
July 17, 2026
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Rupee exchange-rate movement stabilised after possible central bank intervention, while oil prices and foreign fund flows sustained pressure.
The rupee strengthened against the US dollar following four declining sessions, reportedly amid possible Reserve Bank of India intervention. Elevated West Asia tensions, higher crude-oil prices and cautious foreign fund flows continued to weigh on the currency, despite consolidation in the absence of major domestic triggers. Market participants were expected to monitor global developments, crude-oil movements and foreign institutional investor activity for the next directional move.
July 17, 2026
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Revised Index of Core Industries adopts a new base year, adds Iron Ore, and aligns production measurement methodology.
The revised Index of Core Industries adopts 2022-23 as its base year and replaces the 2011-12 series. Its weights are derived from the 2022-23 Index of Industrial Production and redistributed pro rata to total 100. Iron Ore is added as a core industry, expanding the basket to nine industries. The Steel Index will use gross production data for consistency with the Index of Industrial Production. In the Coal sector, only Raw Coal is retained; Coal Middlings and Washed Coal are excluded to prevent double counting.
July 17, 2026
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Sustainability reporting discipline requires credible disclosures, board-level integration, data assurance and proportionate ESG implementation across business value chains.
ESG-led responsible business conduct requires sustainability disclosures that are relevant, comparable, evidence-based and verifiable, supported by reliable systems, internal controls, documentation, traceability and independent examination. Sustainability should be integrated into board-level decision-making, fiduciary responsibilities, risk management and long-term enterprise value. Stronger governance, accountability and data-assurance frameworks are needed to address greenwashing, with proportionate reporting, technology and capacity-building supporting implementation across value chains and MSMEs.
July 17, 2026
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Promoter shareholding increase through market purchases remains within creeping acquisition limits and signals confidence in long-term growth prospects.
Promoter and promoter-group shareholding in Reliance Industries Ltd increased by nearly 0.5 percentage points through market purchases during the June quarter. The purchases were reported to be within SEBI creeping acquisition limits, allowing gradual promoter acquisitions without triggering a mandatory open offer where prescribed thresholds are met. The increase may strengthen promoter control and marginally reduce public float, and was characterised as reflecting confidence in long-term growth, earnings trajectory and capital-allocation plans.
July 17, 2026
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Tariffs on Russian oil purchasers would target sanctions evasion, with reassessment mechanisms and limited energy-sector exemptions proposed.
Proposed United States Senate legislation would impose mandatory tariffs on imports from leading purchasers of Russian oil or gas and leading facilitators of Russian oil-sanctions evasion. It provides for periodic reassessment and tariff adjustments, while exempting qualifying countries reducing Russian gas imports. Russian uranium purchases for specified nuclear and medical needs, and certain nuclear and space cooperation activities, would be excluded.
July 17, 2026
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Foreign currency non-resident deposits enable overseas Indians to invest foreign earnings while supporting India's foreign-exchange reserves.
Foreign Currency Non-Resident deposits allow Non-Resident Indians and Persons of Indian Origin to maintain overseas earnings as foreign-currency fixed deposits with Indian banks without conversion into Indian rupees. Banks may offer enhanced interest rates for a limited period under an initiative intended to strengthen foreign-exchange reserves and support the rupee. The framework covers the investment process, regulatory requirements, taxation aspects and advantages for eligible overseas investors.
July 17, 2026
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GST compliance management integrates reconciliation, input tax credit support, invoicing and statutory monitoring within an AI-powered enterprise platform.
The unified cloud platform combines accounting, manufacturing, inventory, procurement, human resources, payroll, compliance, reporting and document management with an embedded AI agent. Its compliance functions include GST validation, purchase-register reconciliation with GSTR-2B, input tax credit support, supplier filing-gap detection, e-invoicing, e-way bills, TDS and statutory due-date tracking. Financial and operational workflows are intended to use common real-time data, with automation for invoices, journal entries, reconciliations, reporting, workflow approvals and compliance-risk monitoring.
July 17, 2026
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Institutional trade cooperation expands through industry MoUs, supporting investment, innovation and technology partnerships across strategic economic sectors.
Bilateral trade and investment cooperation was advanced through ministerial discussions and industry engagements concerning financial markets, innovation, enterprise financing and commercial relations. Two institutional Memoranda of Understanding established mechanisms for industry collaboration and greater business engagement. Sector-specific interactions covered digital and frontier technologies, space, clean energy, bioeconomy, circular economy, infrastructure and advanced manufacturing, focusing on collaboration, investment and technology partnerships.
July 17, 2026
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Codex spice standards harmonise quality benchmarks for cardamom, coriander and vanilla, supporting trade consistency, market access and export competitiveness.
Codex standards for large cardamom, coriander and vanilla establish harmonised international quality benchmarks following review by relevant committees on analytical methods, food additives and food labelling. The standards are intended to promote consistent quality requirements, facilitate trade, improve market access and support export competitiveness. India was also accepted as Co-Chair of an Electronic Working Group developing policy guidance on risk analysis for new food products.
July 17, 2026
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Export readiness for MSMEs strengthens global market access through trade intelligence, standards compliance, preferential origin rules and trade remedy awareness.
Export readiness for Indian MSMEs is supported through practical guidance on identifying export opportunities, market-access requirements, trade intelligence tools, international standards, sustainability requirements and buyer identification. International expansion strategies include using preferential Rules of Origin and cooperation mechanisms under Free Trade Agreements, selecting export destinations, product positioning, diversification and value addition. Trade remedy awareness and guidance on unfair trade practices and import surges, together with institutional support, partnerships and trade-exhibition participation, can strengthen global competitiveness and integration into global value chains.
July 16, 2026
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Reciprocal tariff measures and multilateral dispute settlement are pursued in response to contested import duties.
Reciprocal tariff measures are proposed in response to a new tariff on specified Brazilian imports allegedly involving unfair trade practices. Brazil rejects those allegations and proposes to use its reciprocity-law mechanisms, including reciprocal tariffs and other trade-related countermeasures, while pursuing multilateral dispute settlement. It maintains that trade investigations must conform to multilateral international-trade rules and notes that the tariff may burden exports and increase commercial uncertainty.
July 16, 2026
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Section 301 tariff authority offers a procedurally constrained route to replace temporary global import tariffs after emergency powers failed.
Import-tariff authority is shifting from emergency-based measures to temporary and investigatory powers under the Trade Act of 1974. Section 122 supports a global tariff measure only for a limited period, whereas Section 301 permits tariffs or trade sanctions for unjustifiable, unreasonable, or discriminatory foreign trade practices after required public-comment and hearing procedures. Current Section 301 investigations concern forced-labour imports and alleged overproduction by trading partners. A more rule-bound tariff framework may reduce, but not eliminate, commercial uncertainty, and broad use of Section 301 for near-universal tariffs may face legal challenge.
July 16, 2026
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International food-safety and phytosanitary compliance supports premium cherry and plum exports from Jammu and Kashmir to Singapore.
Export of premium cherries and plums from Jammu and Kashmir to Singapore was facilitated to expand overseas market access for temperate fruits. The produce underwent scientific cultivation, optimum-maturity harvesting, grading, sorting, packing and cold-chain handling in compliance with international food-safety and phytosanitary standards. The initiative highlights quality enhancement, market development, logistics, export-oriented production and improved post-harvest management for horticultural exports.
July 16, 2026
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Electricity bill recovery and prepaid departmental billing are presented alongside independent tariff regulation and rooftop solar promotion.
Electricity-payment arrears were reported against government departments and non-government consumers. Tariffs are determined independently by the State Electricity Regulatory Commission on factors including power-purchase costs, regulatory assets, the distribution company's financial position and public hearings. Recovery from non-government consumers is undertaken under the Electricity Supply Code, while a pre-paid billing system is being implemented for government departments to improve payment compliance. Rooftop solar installations are also being promoted to reduce household electricity bills.
July 16, 2026
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Rupee depreciation pressures intensify as elevated crude prices, foreign capital outflows and geopolitical tensions weigh on exchange markets.
The rupee weakened for a fourth consecutive session amid elevated crude oil prices, a stronger dollar index and foreign capital outflows, with rising oil import costs adding to balance-of-payments pressures. Reserve Bank of India data showed an overall balance-of-payments deficit during the first two months of the fiscal year, although the current account recorded a surplus for April-May 2026. Geopolitical tensions and Strait of Hormuz risks were cited as supporting high crude prices, while possible Reserve Bank intervention could support the rupee.
July 16, 2026
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Zero-duty India-UK trade under CETA begins with jewellery and coffee consignments, supported by exporter compliance guidance.
India-UK CETA introduced a low- or zero-tariff regime covering about 99 per cent of tariff lines for Indian exports to the United Kingdom. Initial zero-duty jewellery and coffee consignments reached the UK under the agreement. CETA is intended to improve market competitiveness, strengthen supply chains and support businesses, exporters, importers and investors. A dedicated facilitation forum and a guide to UK import standards and regulatory requirements support Indian exporters, particularly small and medium enterprises, in navigating the post-CETA trading regime.
July 16, 2026
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Foreign investor tax exemptions on government securities are proposed to continue, supporting sovereign debt market liquidity and capital inflows.
Income-tax exemption for foreign investors in government securities is proposed to continue through the Income-tax (Amendment) Bill, 2026, replacing the corresponding ordinance. The ordinance exempted interest income and capital gains from the sale, exchange or transfer of government securities by foreign investors, effective from 1 April. The measure seeks to attract foreign capital, deepen the sovereign debt market and improve liquidity amid global economic volatility. The legislative agenda also includes MSME reforms concerning delayed-payment redressal, enforcement of arbitral awards and State flexibility in constituting facilitation councils.

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Corp. Laws / SEBI / IBC

Over 36,000 firms shut operations in Maharashtra in 5 yrs; Oppn claims graft, govt interference

August 12, 2026

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Mumbai, Aug 12 (PTI) Opposition leaders have sharply criticised the Maharashtra government after data disclosed in the Lok Sabha showed that over 36,000 private companies were liquidated, dissolved, or struck off in the state over the last five financial years.

They claimed excessive government interference, widespread corruption, and an increasingly unfavourable business environment as key drivers pushing commercial and industrial activity away from Maharashtra.

The information was shared in the Lok Sabha by the Ministry of Corporate Affairs on August 10, in response to a question asked by Shiv Sena (UBT) Lok Sabha member Rajabhau Waje.

Waje on Wednesday said that the closure of more than 14,000 companies in business services and nearly 6,500 in manufacturing was particularly alarming, as these sectors generate substantial employment.

“Some 14,000 companies in business services and some 6,500 companies from manufacturing sectors have closed down in the last five fiscal years. These sectors generate significantly higher employment, and such higher numbers of closures are shocking,” he told reporters.

Maharashtra Congress spokesperson Sachin Sawant told PTI that political interference and corruption under the current regime are severely harming the state’s economic trajectory. He also raised concerns over the government’s alleged failure to create a conducive climate for enterprise, stressing that the closure trends directly contradict the rhetoric around utilising India’s demographic dividend.

“The current regime in Maharashtra has lust for power and nothing else. Its increased interference in where the new businesses or industrial units would come is adversely affecting the state's growth in this sector. The widespread corruption and unfavourable environment for the business sector are now reflected in this Lok Sabha answer,” he said.

As per the data, 36,211 private companies underwent liquidation, dissolution or were struck off in Maharashtra over the past five financial years. Business services accounted for the largest share at 14,613, or about 40 per cent of the total, followed by manufacturing, mining, quarrying and others at 6,582; trading at 4,196; community, and personal and social services at 3,361.

A total of 2,356 companies from the construction sector faced the same fate, followed by storage and communications at 1,336; agriculture and allied activities at 1,178; real estate and renting at 1,149; finance at 1,012; electricity, gas and water companies at 387; and insurance at 41, the data showed.

Among the districts, Mumbai City recorded the highest number at 12,009, followed by Pune at 6,433 and Thane at 4,704. Nagpur accounted for 1,478 companies that went out of business, Nashik 840, Raigarh 822 and Aurangabad 654. Kolhapur recorded 429, Ahmednagar 308, Solapur 262, Sangli 247, Jalgaon 215, Satara 196, Bandra Suburban 172, Nanded 169, Latur 163 and Amravati 151. The ‘Others’ category accounted for 5,636 companies, it said.

Mumbai City, Pune and Thane together accounted for 23,146 companies, or nearly 64 per cent of the Maharashtra total.

Referring to Rashtriya Swayamsevak Sangh’s (RSS) chief Mohan Bhagwat’s recent remarks that young people could not all seek jobs and some would have to start businesses, Sawant said data shared by the Corporate Affairs Ministry were at odds with that message.

“Now, the Union government’s own admission shows that what Bhagwat is preaching is not being implemented by BJP leaders at all,” Sawant said. He also claimed that Maharashtra was lagging behind Karnataka in attracting foreign direct investment.

Waje also pointed to the absence of data on workers affected by the closures.

“The Union government does have figures of the number of companies that have closed down, but unfortunately, it does not have how many workers were affected due to such closures,” he said, claiming that a labourer in Nashik district died by suicide last month after being sacked from a local company.

In its written response, the Centre stated that it does not maintain information on workers affected by the closure of private company operations. Where a company enters the corporate insolvency resolution process under the Insolvency and Bankruptcy Code, claims of employees and workers are adjudicated according to orders of the adjudicating authority, it said.

In winding-up or liquidation cases, claims of workmen and employees, including pending wages and other admissible statutory dues, are handled by the liquidator in accordance with applicable provisions, subject to availability of funds and the statutory order of priority, it said.

The government also said no central information was maintained on any special rehabilitation package for workers affected by company closures or on proposed tax incentives and location-based benefits to attract genuine industries to rural and backward districts of Maharashtra.

Responding to a question by BJP MLA Sudhir Mungantiwar in the Maharashtra assembly on whether over 12,000 small industrial units had closed in four years because of a slowdown and various other reasons, Industry Minister Uday Samant had said the claim was “partially true”. PTI ND SKL NR

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