Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman and H.E. Mr. Roland Lescure, Minister of Economy, Finance, Industrial, Energy, ...
Trade and investment cooperation deepens as India and Mali identify priority sectors, matchmaking opportunities and export facilitation measures. India and Mali institutionalised their bilateral commercial engagement through the inaugural India-Mali Forum for the Promotion of Exports, aimed at deepening trade and investment cooperation through B2B, B2G and G2G matchmaking, exhibition visits and sectoral discussions in renewable energy, pharmaceuticals, textiles, automotive manufacturing and mining. The parties identified cotton and textiles, mining and energy, agro-industry and shea processing, pharmaceuticals, and social infrastructure as priority sectors, while Mali also sought support for digitising its Certificate of Origin system and prompt registration of approved Indian pharmaceutical products.
Bilateral economic cooperation deepens as India and France expand dialogue on critical minerals, investment, railways and financial ties. India and France advanced bilateral economic and financial cooperation through the India-France Economic and Financial Dialogue, focusing on alignment in multilateral economic platforms, including the G20 and Paris Club, and on broader views of the world economic outlook. The discussions covered cooperation in critical minerals, economic sovereignty and security policy, efforts to increase cross-investment, expand collaboration in the high-speed railway sector, and further connect the financial industries of both countries.
Rupee gains amid weaker dollar index and reserve rebuilding, even as importer demand keeps pressure on the currency. The rupee appreciated against the US dollar as the dollar index retreated from recent highs and domestic equities remained positive, though the currency continued to face pressure from strong dollar demand by importers and corporate hedgers. Foreign exchange reserves were reported to have declined, with the Reserve Bank of India stated to be actively purchasing dollars to rebuild reserves.
Forced labour tariffs face Indian challenge over alleged legal flaws and compliance-based export supply chains. India is preparing to contest a proposed US tariff action linked to allegations of forced labour in export supply chains, arguing that the underlying findings are legally flawed and fail to consider the effect on American businesses and consumers. Industry bodies have said that India's domestic legal regime is robust and that export supply chains operate within established compliance systems emphasising traceability, supplier due diligence, independent audits and responsible sourcing. Sectoral submissions also state that forced labour is inconsistent with legitimate operating practices.
Aadhaar enrolment and biometric updates gain push with Nagaland's first Seva Kendra to widen public access. Nagaland's first UIDAI Aadhaar Seva Kendra was inaugurated at Dimapur to improve Aadhaar enrolment and update services in the state, where enrolment remains well below the national saturation level. The centre is intended to make Aadhaar services more accessible to the public and to support wider coverage across districts where enrolment rates continue to lag.
Export growth targets set for merchandise and services as India aims for a one trillion dollar total export milestone. India has set export growth targets for the current fiscal year, aiming for 16-17 per cent growth in merchandise exports to USD 530 billion and 11 per cent growth in services exports to USD 470 billion in 2026-27. The overall target for total exports has been fixed at USD 1 trillion for the fiscal year.
Money laundering investigation allows auction of seized aircraft for investor restitution under anti-money laundering law. Enforcement Directorate auctioned a seized business aircraft in a money-laundering investigation arising from alleged investor fraud through a Ponzi scheme. The aircraft was sold after the agency sought permission to dispose of the property under the Prevention of Money Laundering framework and the adjudicating authority allowed the auction. The sale proceeds are stated to be available for restitution to genuine investors in accordance with the Prevention of Money Laundering Act, subject to leave of the Special Court.
Foreign exchange reserves decline as gold reserves fall sharply and central bank data shows weaker currency assets. India's foreign exchange reserves declined during the reporting week ended June 26, falling by USD 5.654 billion to USD 666.933 billion. The decrease was driven mainly by a sharp fall in gold reserves, which dropped by USD 5.394 billion, while foreign currency assets also edged down. Smaller reductions were recorded in special drawing rights and the reserve position with the IMF. The article notes that earlier reserve gains were followed by weeks of decline as the rupee came under pressure and market intervention involved dollar sales.
Startup mentoring and compliance support framework advances ecosystem growth through funding, legal guidance, and market readiness support. A structured post-funding mentoring and handholding framework has been announced for the selected startups, covering business, regulatory, financial, legal, investment and technology support. The framework includes specialised mentoring on regulatory and legal compliance, taxation, fund utilisation, fundraising strategy, valuation, term sheet negotiations, data privacy, cybersecurity and intellectual property protection, together with Demo Days and the Sounding Board Programme to improve market readiness, strategic positioning and partnership opportunities.
Debt and default threshold shape insolvency admission under the amended framework, alongside new approval and resolution requirements. The Insolvency and Bankruptcy (Amendment) Act 2026 is described as requiring debt and default to be established before the National Company Law Tribunal admits a case. The amended framework also alters security interest creation, restructures insolvency administration, requires CCI approval before submission of a resolution plan, and requires the committee of creditors to record reasons while approving a plan. Certain features, including cross-border insolvency and CIIRP, are stated to be not yet in force.
Rupee appreciation reflects weaker dollar index, even as importer demand and foreign outflows keep pressure on the currency. The rupee appreciated against the US dollar in interbank foreign exchange trade, supported by a weaker dollar index and gains in domestic equities, but remained under pressure from dollar demand by importers and corporate hedgers. It moved within a narrow range before closing stronger at 95.21 against the US dollar, while market commentary noted Reserve Bank of India dollar buying to rebuild foreign exchange reserves and continued foreign investor selling in Indian equities.
Desalination project for Mumbai's water supply advances with limited tariff increase and key approvals secured. Mumbai's first desalination project has moved ahead with a work order issued and key approvals secured to strengthen the city's drinking water supply. The project, undertaken for the Brihanmumbai Municipal Corporation by an expert firm, is intended to meet rising demand through an alternative source as existing dam-based supplies become insufficient. The government says the tariff impact will be limited, while remaining statutory clearances are still being processed.
Totapuri mango price crash prompts review of value chain, farmer incomes, processing capacity and export bottlenecks. A high-level committee under the Indian Council of Agricultural Research has been constituted to study the sharp fall in Totapuri mango prices in Andhra Pradesh and the distress caused to growers. The panel will review the Totapuri mango value chain across cultivation, processing, marketing, domestic trade and exports, examine cultivation costs, farmer incomes, processing capacity utilisation, demand-supply trends, and the causes of the price decline in domestic and export markets, and identify bottlenecks and opportunities across the sector.
CAG audit of private discoms raises legality questions over regulatory assets and tariff recovery framework. A dispute concerns the legal permissibility of the Delhi Electricity Regulatory Commission's initiation of a CAG audit of three private distribution companies in relation to accumulated regulatory assets recoverable through future tariffs. The matter arises from competing views on whether the audit could be entrusted to the Comptroller and Auditor General or whether the statutory framework required appointment of an independent chartered accountant instead. The proceedings also involve the broader issue of accumulation and liquidation of regulatory assets, with the status of the audit and related steps remaining under judicial consideration.
Rupee pressure persists despite weaker dollar and crude, as import demand and reserve rebuilding limit gains. The rupee appreciated in early interbank trade as the dollar index eased from recent highs and Brent crude traded lower, but the currency remained under pressure from sustained dollar demand by importers and corporate hedgers. Foreign exchange commentary also indicated that the Reserve Bank of India was focused on rebuilding forex reserves, leaving less room for the rupee to strengthen freely even when external conditions were supportive. Foreign investors continued net selling in Indian equities amid global risk aversion and higher US bond yields.
Virtual digital assets face regulatory resistance as the central bank warns of illegal use, tracking challenges, and economy-wide risks. Virtual digital assets, including cryptocurrency, were described as posing risks to an emerging economy because of potential misuse for illegal activity, difficulty in tracking offshore entities, and broader regulatory challenges. The Reserve Bank of India stated that such assets should not be legalised in India at this stage. The Institute of Chartered Accountants of India supported a comprehensive VDA law and proposed guidance on recognition, measurement, presentation, disclosure, financial reporting, and compliance frameworks.
Indian-American diaspora contributions are traced through a curated history spanning migration, science, politics, business, and culture. Indian-American diaspora history and contributions are traced through a curated project covering 250 defining moments across 15 categories of American life. The selection is described as research-based and externally reviewed, but not comprehensive. It highlights milestones in migration, citizenship, medicine, politics, corporate leadership, entrepreneurship, yoga, science, and cuisine, illustrating the community's growing influence in the American story.
Digital financial inclusion in Meghalaya expands through Jan Dhan accounts, digital transactions, and a stronger focus on cyber resilience. Digital financial inclusion in Meghalaya expanded through the JAM framework, Direct Benefit Transfer and Digital Public Infrastructure, with 32.76 crore digital transactions during 2025-26 and nearly 10 lakh Jan Dhan accounts. Officials said about 98 per cent of account holders had adopted at least one digital mode of transaction, and the next phase should focus on financial literacy, cyber resilience and meaningful use of digital financial services, particularly in rural areas.
Money laundering attachment of assets linked to alleged fund diversion, off-books sales and bogus capital gains entries Attachment of assets under the Prevention of Money Laundering Act in a money laundering case linked to alleged diversion of funds from Bhushan Steel Ltd. The Enforcement Directorate attached land, part of a residential property, equity shares and bank balances standing in the name of Ritu Singal, wife of former promoter Neeraj Singal, through a provisional order valuing the properties at more than Rs 58 crore. The action arose from allegations that funds were diverted under the guise of genuine transactions and that cash generated from the off-the-books sale of zinc ingots was routed into accommodation entries and unaccounted bank deposits.
Electricity tariffs remain unchanged in Uttar Pradesh as subsidy support grows and EV charging gets lower solar-hour rates. Electricity tariffs in Uttar Pradesh are to remain unchanged across consumer categories for the seventh consecutive year for 2026-27, with a higher tariff subsidy supporting lifeline consumers, rural and urban poor families, private tube well operators and rural metered consumers. Although a regulatory gap was identified, no tariff hike was recommended in view of regulatory surplus and improved financial management. The tariff order also retains the green energy additional tariff and introduces provisions for battery swapping stations, Battery as a Service providers and a lower tariff for EV charging stations during solar hours.
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
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 3356
Join Channel
TaxTMI 