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    US citizen found guilty of helping export tech to Iran in violation of sanctions
    SC upholds SEBI action against Kotak AMC, says compliance with securities regulations mandatory
    Rupee falls 30 paise to close at 95.68 against US dollar
    'Coal scam': Delhi court dismisses ED case against ex-MP Vijay Darda, son Devendra, others
    Court rejects bail plea of Jammu-based editor accused of impersonating PMO officer, cheating people
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    21 pc YoY rise in engineering exports in June shows sector''s resilience amid global challenges: EEPC
    NABARD key partner in rural infra development: Rajasthan chief secretary
    Retail inflation rises to 4.38 pc in Jun, surpasses RBI's median target level
    Coal scam: Delhi court dismisses ED case against ex-MP Vijay Darda, son Devendra Darda, others
    India's exports rise 15.5 pc in Jun, trade deficit widens to five-month high
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    Framework deal is ready, to be signed at right time: Official on India-US trade pact
    The cumulative exports (merchandise & services) during April-June 2026-27 is estimated at US$ 232.73 Billion, as compared to US$ 208.98 Billion in Apr...
    CIC directs petroleum ministry arm to share historical petrol, ethanol, profit data
    Soybean meal exports fall 69 pc to 30k tonnes in June; SOPA cites high prices, weak demand
    Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman interacts with Bank MDs and CEOs on FCNR(B), ECB and OFCB swap initiatives in N...
    GTA 6 release date, price, and pre-orders in India in 2026: Five things every gamer needs to know
    Rupee falls 27 paise to close at 95.65 against US dollar
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    July 13, 2026
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    Export-control sanctions prohibit routing electronic components to Iran through intermediaries, with conspiracy liability turning on knowledge and assistance.
    US export-control sanctions prohibit the unlawful export of electronic components to Iran through intermediaries or front companies. The reported prosecution concerned allegations that an employee conspired with an Iranian business associate to obtain components for a Tehran-based company whose technology had potential military applications. Prosecutors relied on documents, text messages, photographs, and communications said to show knowledge and assistance, while the defence disputed procurement, the Swiss company's characterization as a front, and proof that components reached Iran. Evidence concerning a specific drone attack was limited to general evidence about the Iranian company and potential military applications.
    July 13, 2026
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    Mandatory securities compliance governs mutual fund redemptions, investor consent, disclosures, due diligence, and trustee responsibilities
    Compliance with securities regulations is presented as mandatory regardless of whether investors ultimately incur losses or receive benefits. Close-ended mutual fund schemes must be redeemed at maturity unless formally rolled over with informed written investor consent and prior disclosure to SEBI. The reported issues also include inadequate due diligence regarding issuers' financial condition, excessive reliance on pledged collateral, delayed disclosures to investors and SEBI, and the trustee company's failure to independently assess regulatory compliance and unitholder interests.
    July 13, 2026
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    Rupee weakness reflects geopolitical risk, crude prices, capital outflows, rising inflation, and widening trade pressures on India
    The Indian rupee weakened against the US dollar amid heightened US-Iran tensions, elevated crude oil prices, a stronger dollar and foreign capital outflows. Pressure on the domestic currency was linked to concerns over India's import bill and risk aversion in global markets, while domestic market recovery and some moderation in crude prices limited the decline. Retail inflation rose above the central bank's four per cent target, and the merchandise trade deficit widened as imports, particularly crude-related imports, increased despite stronger exports.
    July 13, 2026
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    Predicate-offence acquittal removes the foundation for money-laundering proceedings arising from alleged coal-block allocation irregularities
    Money-laundering proceedings under the Prevention of Money Laundering Act depend on the existence of a scheduled offence and identifiable proceeds of crime. Although money laundering is an independent offence, its prosecution cannot survive when the predicate offence forming its foundation has ended in acquittal. The basis for treating property or transactions as proceeds of crime is then removed, making continuation of proceedings for money laundering and company-related liability under the PMLA legally unsustainable. Proceedings may be reopened if the acquittal is later set aside or materially varied.
    July 13, 2026
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    PMLA bail requires satisfaction of twin statutory conditions amid allegations of impersonation, cheating, and suspected money laundering
    The reported bail proceedings concerned the twin conditions under Section 45 of the Prevention of Money Laundering Act: reasonable grounds to believe that the accused was not guilty and assurance that he would not commit an offence while on bail. The prosecution also raised concerns regarding possible evidence tampering, witness intimidation, and repetition of similar conduct. The accused relied on a serious heart ailment and constitutional protection against punitive pre-trial detention, while the reported order noted his medical stability in custody and that the investigation complaint had not yet been filed.
    July 13, 2026
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    Frozen political party accounts raise questions on representative authority, Election Commission recognition, and preventing money laundering during investigation
    Permission to operate three Trinamool Congress bank accounts frozen by the Enforcement Directorate was sought before the Calcutta High Court in connection with a probe into alleged dishonest financial dealings, unlawful collection of money, and routing of suspected funds through specified accounts. The Enforcement Directorate challenged the petition's maintainability, asserting that the filers lacked authority and had not disclosed an ex parte civil court order. The petitioners relied on the party constitution and the Election Commission's jurisdiction over recognition of political parties, while the Enforcement Directorate maintained that releasing the funds would undermine the prevention of money laundering.
    July 13, 2026
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    Fake investment and work-from-home scams: laundering through mule accounts, shell entities and crypto wallets prompts asset seizures
    Money laundering investigations under the Prevention of Money Laundering Act concern alleged fake online investment and work-from-home scams involving promises of lucrative returns and commissions. Funds transferred by victims were allegedly layered through mule bank accounts and shell entities, converted into cryptocurrency, and moved through multiple crypto wallets to conceal their origin and ownership. Searches were conducted at multiple locations, with cryptocurrency and cash seized and multiple bank accounts frozen under the PMLA.
    July 13, 2026
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    Engineering export growth reflects market diversification, trade agreements, and rising global competitiveness despite persistent international uncertainty
    India's engineering goods exports increased by nearly 21 per cent year-on-year in June, rising to USD 11.48 billion. Cumulative exports during April-June of the 2026-27 fiscal reached an estimated USD 34.14 billion, reflecting 18 per cent growth over the corresponding period of the previous year. The reported export performance was attributed to free trade agreements with key partner countries, diversification of products and markets, and the increasing global competitiveness of Indian engineering products despite continuing global uncertainty.
    July 13, 2026
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    Rural infrastructure development through NABARD strengthens farmer support, women's financial inclusion, and climate-resilient agriculture in Rajasthan
    NABARD is presented as a key partner in Rajasthan's rural infrastructure and agricultural development. Its initiatives support small and marginal farmers through Kisan Credit Cards, farmers' clubs and Farmer Producer Organisations, while the Self-Help Group-Bank Linkage Programme promotes financial inclusion among rural women. NABARD also supports climate-change resilience, honours rural development institutions and artisans, and provides grants for projects promoting climate-resilient agriculture.
    July 13, 2026
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    Retail inflation rises above target as food and fuel pressures challenge monetary policy outlook ahead of August review
    Retail inflation based on the Consumer Price Index increased to 4.38 per cent in June from 3.93 per cent in May, exceeding the Reserve Bank's median target of 4 per cent. Food inflation rose to 5.32 per cent. The Reserve Bank's framework seeks to maintain CPI inflation at 4 per cent within a tolerance band of 2 per cent on either side. The Reserve Bank retained the benchmark policy rate at its June meeting but raised its inflation forecast for 2026-27, citing higher input costs and global energy price transmission to domestic fuel prices. Economic assessments anticipated further inflationary pressure while generally expecting the policy rate to remain unchanged at the forthcoming review.
    July 13, 2026
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    Money laundering proceedings fail when acquittal in the scheduled offence removes the basis for alleging proceeds of crime.
    Money laundering proceedings arising from the Bander coal block allocation were terminated because the underlying predicate offences had already ended in acquittal. The central legal point reported is that, while money laundering under the Prevention of Money Laundering Act is a distinct offence, its survival depends on the continued existence of the scheduled offence and proceeds of crime. Once acquittal in the scheduled offence removed that foundation, the complaint under Section 3 read with Section 70, punishable under Section 4, was dropped and dismissed.
    July 13, 2026
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    Trade deficit expansion accompanies export growth as higher crude oil, electronics, machinery and gold imports outpace merchandise export gains.
    June trade data shows export growth alongside a wider merchandise trade deficit because imports increased faster than exports. The higher import bill was driven mainly by crude oil, with electronics, machinery and gold also adding to import pressure. April to June figures reflect the same trend, with cumulative imports outpacing export growth and enlarging the merchandise trade gap. Export strength was reported in sectors such as electronics, iron ore, handicrafts, meat and dairy products, while services trade estimates for June indicate a surplus as services exports exceeded services imports.
    July 13, 2026
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    Foreign currency mobilisation gains momentum through FCNR(B) deposits, ECBs and OFCBs, backed by NRI outreach and swap facilities.
    Foreign currency mobilisation under the FEMA / RBI framework is being driven through FCNR(B) deposits, ECBs and OFCBs, with banks directed to strengthen NRI outreach, offer innovative deposit products and sustain mobilisation during the scheme period. Attractive returns on fresh FCNR(B) deposits, supported by suspension of the interest rate ceiling, customised digital outreach, use of International Banking Units at GIFT City, central bank support, and real-time reporting are presented as key implementation mechanisms. The scheme combines a US dollar-rupee swap facility for fresh FCNR(B) deposits with a concessional swap facility for eligible ECBs and OFCBs to support capital inflows and the balance of payments.
    July 13, 2026
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    Trade pact negotiations advance as India and the US align a framework deal with wider tariff and market access discussions.
    India-US trade negotiations are advancing through a framework deal and a bilateral trade agreement, with discussions focused on preferential market access and India's effort to obtain comparative tariff advantage over competitor nations. The framework arrangement is stated to be ready for signature at the appropriate stage, while the broader agreement remains under negotiation. India is also engaging with Section 301 investigations on forced labour and excess industrial capacity; proposed additional tariffs affecting multiple economies, including India, have not yet been finalised.
    July 13, 2026
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    Foreign trade growth data shows rising exports, higher imports, and a wider trade deficit across merchandise and services segments.
    Combined merchandise and services trade data for June 2026 and April-June 2026-27 records export growth together with stronger import growth and a wider trade deficit. Merchandise exports, non-petroleum exports, and trade excluding petroleum and gems and jewellery all show increases, while services exports and imports are also estimated to have risen. Major merchandise export growth drivers identified for June 2026 include gems and jewellery, engineering goods, organic and inorganic chemicals, electronic goods, and rice. The services figures for June 2026 are expressly stated to be estimates based on the latest available central bank data.
    July 13, 2026
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    RTI disclosure duties require clear access, proper transfer, and reasoned confidentiality claims for petroleum and ethanol data requests.
    The article addresses RTI access to historical petrol and ethanol data held or referenced by the Petroleum Planning and Analysis Cell. It identifies key issues relating to disclosure of public-domain records, provision of specific website links, transfer of queries to the authority that actually holds supplier information, and the need to expressly invoke appropriate RTI exemptions when withholding company-wise petrol supplier details. The central legal themes are partial disclosure, commercial confidentiality, custodianship of records, and procedural adequacy in responding to requests for petroleum-sector production, blending, supplier, and profit-related information.
    July 13, 2026
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    Soybean meal export decline reflects weak international demand, higher domestic pricing, and reduced trade performance during the current oil marketing year.
    Soybean meal exports in June 2026 fell sharply to 30,000 tonnes from 97,000 tonnes a year earlier, driven by higher Indian prices than competing countries, weak demand in major importing markets, and geopolitical tensions in West Asia. June production was reported at 5.52 lakh tonnes, with utilisation split between human consumption and animal, poultry, and fish feed. Month-end stock, including old stock, stood at 1.27 lakh tonnes, while cumulative exports in the first nine months of the current oil marketing year remained below the corresponding period of the previous year.
    July 13, 2026
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    Foreign currency mobilisation under RBI swap initiatives gains momentum through NRI outreach, FCNR(B) deposits, and eligible external borrowing support.
    Foreign currency mobilisation under the RBI's FCNR(B), ECB and OFCB swap initiatives was reviewed with emphasis on sustaining inflows through enhanced outreach to the non-resident Indian diaspora. Banks reported encouraging uptake, supported by attractive returns on FCNR(B) deposits and the suspension of the interest rate ceiling on fresh deposits under the scheme. Institutions also described digital outreach, use of International Banking Units at GIFT City, and expectations of stronger ECB mobilisation. The RBI was noted as supporting eligible mobilisation and borrowings through a transparent daily reporting framework.
    July 13, 2026
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    Consumer financing for gaming hardware accompanies GTA 6 India launch details, including platform access, pre-orders, and EMI-based purchase options.
    The article combines GTA 6 launch information in India with a consumer financing framework for gaming hardware purchases. It states the release date, supported platforms, pre-order availability, editions, and major gameplay features, and notes that current-generation console access is required while PC requirements remain unconfirmed. It separately outlines an Easy EMI Loan for consoles, televisions, and accessories through partner stores, with financing up to Rs. 5 lakh, repayment tenures from 3 to 60 months, possible zero down payment on select products, and optional paperless EMI conversion through the Insta EMI Network Card.
    July 13, 2026
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    Rupee depreciation pressures deepen as crude oil prices, dollar strength, and geopolitical tensions weigh on foreign exchange market sentiment.
    Foreign exchange market pressure under the FEMA and RBI regulatory context is reflected in the rupee's depreciation against the US dollar, driven by higher crude oil prices, a stronger dollar, and risk aversion arising from escalating geopolitical tensions involving the US and Iran. Trading remained volatile, with the rupee recovering from lower levels as domestic markets improved and crude prices softened from intraday highs. The near-term outlook remained negative because of continuing global uncertainty, while diplomatic de-escalation and stronger domestic market conditions were identified as potential supporting factors.

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      News and Press Release

      No Service Tax on Lottery Agents - Supreme Court dismissed revenue appeal

      May 5, 2009

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      The Supreme Court today has dismissed the appeal of Union of India in the matter of Union of India & Ors. Versus M/s Martin Lottery Agencies Ltd. [2009 TMI - 33336 - SUPREME COURT OF INDIA] against the judgment of Sikkim High Court in case of Martin Lottery Agencies Ltd.

      Honorable Sikkim High Court in case of  MARTIN LOTTERY AGENCIES LTD. Versus UNION OF INDIA [2007 -TMI - 2361 - HIGH COURT, SIKKIM] and [2007 -TMI - 2360 - HIGH COURT, SIKKIM] held that "On the authority of the Constitution Bench of the Supreme Court which delivered its judgment in the Sunrise Associates case (2006) 5 SCC 603 [=2009 -TMI - 33335 - SUPREME COURT of INDIA] lottery tickets have to be held to be actionable claims. As such those would not be goods within the meaning of the definition clause in the Sale of Goods Act. If the lottery tickets are not goods, the writ petitioners cannot said to be rendering any service in relation to the promotion of their client's goods, or marketing of their client's goods, or sale of their client's goods."

      Union of India & Ors. Versus M/s Martin Lottery Agencies Ltd. [2009 TMI - 33336 - SUPREME COURT OF INDIA]

      "We have been taken through the budget speech of the Hon'ble Minister of Finance for 2008-2009, the relevant portion whereof is as under : "

             "5.4 Business Auxiliary Service :

             5.4.1 Services provided in relation to promotion or marketing of service provided by the client is leviable to service tax under business auxiliary service. Organization and selling of lotteries are globally treated as supply of service. Lotteries (Regulation) Act, 1998 enables State Governments to organize, conduct or promote lotteries. Lottery tickets are printed by the State Governments and are sold through agents or distributors. Tickets are delivered by the State Government to the distributors at a discounted price as compared to the face value of the tickets. Services provided by the distributors or agents in relation to promotion or marketing of lottery tickets are leviable to service tax under the existing business auxiliary service.

             5.4.2 Lotteries fall under the category of games of chance. Games of chance are known under various names like lottery, lotto, bingo etc. and are also conducted through internet or other electronic networks.

             5.4.3 To clarify as removal of doubts, an explanation is added under business auxiliary service stating that services provided in relation to promotion or marketing of games of chance organized, conducted or promoted by the client are covered under the existing definition of business auxiliary service. Amendment is only for removal of doubts and field formations are, therefore, requested to ensure that service tax is collected on such services."

      27. The speech of the Hon'ble the Finance Minister would have been relevant for the purpose of opining as to whether the court independently would have arrived at a conclusion that organizing lottery would amount to rendition of service but not otherwise. As it is not possible for us to arrive at the said conclusion, we have no other option but to hold that by inserting the explanation appended to clause (19) of Section 65 of the Act, a new concept of imposition of tax has been brought in. The Parliament may be entitled to do so. It would be entitled to raise a legal fiction, but when a new type of tax is introduced or a new concept of tax is introduced so as to widen the net, it, in our opinion, should not be construed to have a retrospective operation on the premise that it is clarificatory or declaratory in nature."

       

      "24. A bare perusal of the said circular letter would clearly show that lottery tickets were considered to be goods. It is with that mindset, the circular was issued. However, it must have been realised that resale of lottery tickets by the distributor or by others is not permissible. Whether sub-clause (ii) of clause (19) of Section 65 had been applied in case of any other distributor or agent of such lottery tickets is not known. If the assertion of Mr. Salve that nobody had demanded tax under the second clause is correct, we do not know why the principle of `small repairs' by inserting an explanation was taken recourse to. The explanation, in our opinion, cannot be said to be a simple clarification as it introduces a new concept stating that organizing of the lottery is a form of entertainment. Introduction of such new concept itself would have a constitutional implication. In the year 2003, while amending the provisions of 1994 Act, the Constitution was also amended and Article 268A and Entry 92C in List I were inserted. The courts are in future required to determine whether a service tax within the meaning of Entry 92C would cover sale of lottery or it would come within the purview of residuary entry containing Entry 97 List I. If it is held to be a taxing provision within the purview of Entry 97, the same will have a bearing on the States. The Explanation so read appears to be a charging provision. It states about taxing need. It can be termed to be a  sui generis tax. If it is a different kind of tax, the same may be held to be running contrary to the ordinary concept of service tax. It may, thus, be held to be a stand alone clause. A constitutional question may have to be raised and answered as to whether the taxing power can be segregated. If by reason of the said explanation, the taxing net has been widened, it cannot be held to be retrospective in operation."

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