CBN Madhya Pradesh Unit busts high-tech MD manufacturing lab in Pune; Two masterminds arrested from Ujjain and Jodhpur under multi-city ‘Operation V...
Direct tax collections rise as corporate and non-corporate tax receipts grow, alongside increased refunds during the fiscal year Net direct tax collection increased by 16.40 per cent to over Rs 6.51 lakh crore up to July 13 of the fiscal year. Net corporate tax collection rose by 22 per cent, while net non-corporate tax collection, covering individuals, Hindu undivided families and firms, increased by about 12 per cent. Refunds of Rs 1.22 lakh crore were issued, and gross direct tax collection increased by 16.11 per cent to over Rs 7.73 lakh crore.
Export Order Through Subsidiary Expands Railway Equipment Business and Increases Unexecuted International Order Book Beyond Prior Executions IC Electricals received a USD 510,000 export purchase order from a United States customer through its subsidiary, Safe Coils India Private Limited. The order increases its unexecuted export order book to USD 1.8 million, representing growth of more than 300% compared with export orders executed during financial year 2025-26. The company manufactures railway electrical and electronic equipment and undertakes turnkey railway electrification projects, including design, supply, erection, testing, and commissioning of 25 kV AC overhead equipment and traction substations. Its forward-looking growth statements remain subject to governmental, economic, political, operational, and technological risks.
Excess GST collection requires promoter refund or direct GST claims by eligible homebuyers after credit-note deadlines expire Registered real estate promoters must collect GST from homebuyers only at notified rates and refund any excess collection or issue a credit note where legally permissible. If a project is cancelled, an agreement terminated, or an allotment revoked after the statutory credit-note period expires, an eligible unregistered allottee may seek a direct GST refund by obtaining temporary registration through a PAN and filing Form GST RFD-01 with proof of tax payment, supporting documents, and a promoter-issued certificate. Claims must be filed within two years and remain subject to GST verification.
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Wholesale inflation rises as mineral, food, fuel and non-food prices intensify, complicating RBI's inflation-management mandate. Wholesale Price Index inflation increased to 9.87 per cent in June 2026, driven by mineral oils, food articles, basic metals, and chemicals. Fuel and power inflation remained elevated, while food and non-food article prices also rose. Retail inflation increased to 4.38 per cent. The Reserve Bank of India primarily considers CPI inflation for monetary policy and is mandated to maintain headline inflation at 4 per cent, with a tolerance range of 2 per cent on either side. Its inflation projection was raised due to higher input costs and the transmission of global energy prices to retail fuel prices.
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Bid-price coordination and tender-participation manipulation in personal system products attract competition-law penalties and cease-and-desist directions. HP India and five resellers were found to have engaged in cartelisation in the sale and supply of personal system products. The conduct included dictating bid prices and manipulating reseller participation in GeM tenders by withholding authorisation. The conduct was treated as contravening Sections 3(3)(d) read with Section 3(1) of the Competition Act, 2002. The resellers were found to have acted in collusion with HP India, while officials were treated as liable under Section 48. Penalties and cease-and-desist directions were imposed under the Act.
Export Growth Driven by AI Demand as Technology Products, Semiconductors, and Electric Vehicles Lift China's June Trade Performance China's exports increased sharply in June, driven by strong external demand associated with the expansion of artificial intelligence. Exports of electric vehicles, semiconductors, and related technology products expanded significantly, while imports also recorded substantial year-on-year growth. Strong export manufacturing helped offset weakness in domestic demand.
Cryptocurrency investment fraud allegations trigger PMLA provisional attachment of bank deposits, flats, and commercial shops linked to diverted funds. The Enforcement Directorate reported a money-laundering investigation into an alleged cryptocurrency fraud involving ATC Coin. It alleged that investors were induced to contribute funds through assurances of high and assured returns, and that the collections were deposited with Jewria Services Club India before being diverted through accounts of the accused and associated entities. Under the Prevention of Money Laundering Act, bank deposits and Mumbai properties comprising residential flats and commercial shops were provisionally attached.
Preferential market access anchors India-US trade negotiations as tariff investigations and bilateral commitments remain under discussion India and the United States are progressing negotiations on a framework deal and a bilateral trade agreement focused on preferential market access and comparative tariff advantages. India is engaging with the USTR on Section 301 investigations concerning forced labour and excess industrial capacity. The forced-labour investigation has proposed an additional tariff on imports from India, but the measure remains unfinalised. India has urged resolution through bilateral negotiations rather than unilateral measures. The excess-capacity investigation remains pending, and the eventual trade agreement is expected to address relevant aspects of the bilateral trade relationship, including tariff treatment, market access, and investigation-related issues.
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.
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.
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.
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.
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.
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.
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.
MOU on Mutual Administrative Assistance to facilitate Co-operation in the Prevention, Detection, Investigation and Combating of Customs Offences between United Kingdom of Great Britain and Northern Ireland and Republic of India
June 19, 2009
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The Union Cabinet today approved the text of a new MOU to be signed between India and United Kingdom of Great Britain and Northern Ireland on Mutual Administrative Assistance to facilitate Co-operation in the Prevention, Detection, Investigation and Combating of Customs Offences.
The MOU provides for assistance by sharing information and intelligence to facilitate proper application of Customs law and prevention, detection, investigation and combating of Customs offences. The assistance under the MOU shall be provided in accordance with the national laws within the competence and available resources of the Customs administration. The MOU also provides for "capacity enhancement" by way of cooperation in exchange of information on new Customs law enforcement techniques, modern technologies and on developments in policy, legislation and the evolution of best practices.
The provisions in the approved MOU have been framed to enable systematic and structured exchange of information, including a separate Service Level Framework, to facilitate expeditious response on requests within a prescribed time frame. This Agreement will significantly help the Indian Customs Administration in getting reliable information to enable detection and investigation of Customs violations, particularly in the critical area of under-valuation of imports and over-valuation of exports and the consequent fraudulent availment of export incentives.
BACKGROUND:
A MOU between the Central Board of Excise & customs, India (CBEC) and Her Majesty's revenue and Customs of the United Kingdom of Great Britain and Northern Ireland (HMRC) on Cooperation in Customs Matters was signed on 16.03.2001. After mutual discussion, it was agreed that the existing MOU needs to be replaced by a new MOU in light of the current requirements and to provide for systematic exchange of data and information.
Mutual administrative assistance in customs fosters structured information exchange and capacity enhancement to tackle valuation and related offences.
The MOU creates a structured mechanism for sharing information and intelligence to prevent, detect, investigate and combat customs offences, subject to each administration's national laws, competence and available resources, and includes provisions for capacity enhancement through cooperation on enforcement techniques, technologies, policy and best practices, together with a Service Level Framework to ensure time bound, expeditious responses to requests.
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