Union Minister of Commerce & Industry, Shri Piyush Goyal Meets European Industry Leaders in Brussels to Deepen India–EU Industrial and Technology Co...
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.
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.
Foreign asset reporting requires complete Schedule FA and Schedule FSI disclosures despite limited information displayed in the Annual Information Statement. Annual Information Statement records for eligible taxpayers include foreign assets and foreign-source income information received through the Automatic Exchange of Information framework. The information is intended to facilitate accurate tax compliance and is not a scrutiny or investigation mechanism. As the displayed data is limited to information received from partner jurisdictions and is not exhaustive, taxpayers must correctly and completely disclose all foreign assets and foreign-source income in Schedule FA and Schedule FSI, whether or not such information appears in the Annual Information Statement.
Donation management safeguards require transparent accounting, secure precious-metal handling, audits and adherence to prescribed banking and statutory norms. Donation-management governance at the Vaishno Devi shrine was reviewed with emphasis on transparency, accountability and compliance with standard operating procedures. The review covered collection, counting, accounting, custody and utilisation of offerings, supported by verification procedures, surveillance, banking safeguards and periodic audits. Security protocols also govern the handling, storage, transportation, processing and refining of precious-metal offerings. The review took place amid a pending complaint alleging irregularities in silver offerings, with complete records sought regarding action taken.
EPFO-integrated provident fund payments streamline statutory compliance through digital banking, with real-time confirmations and instant challan downloads for businesses. EPFO-integrated provident fund payment service enables business customers to initiate statutory PF payments through the EPFO portal and complete transactions using the bank's internet banking platform. Real-time transaction confirmations and instant challan downloads support faster processing, cash-flow management and timely compliance with EPFO payment requirements.
Privileged access governance and explainable security monitoring support auditable, sovereign enterprise cybersecurity across private and air-gapped deployments. Swaraj Nandi provides privileged-access management through credential vaulting, automated rotation, Zero-Trust approvals, multi-factor authentication, session recording and audit reporting. Swaraj Hansa provides AI-assisted security information and event management by collecting, correlating and triaging security signals with explainable alerts and human-owned decisions. Both platforms support on-premise, private-cloud and relevant air-gapped deployment models, and their compliance architecture is mapped to the RBI IT Framework, SEBI CSCRF, DPDP Act, PCI-DSS, ISO 27001 and NIST CSF.
Money-laundering investigation targets alleged foreign-funded network facilitating illegal infiltration, forged identity documents and economic rehabilitation of immigrants. A money-laundering investigation examined an alleged syndicate facilitating illegal infiltration, forged Indian identity documents and settlement of Bangladeshi nationals and Rohingyas. Investigators alleged that public charitable trusts receiving foreign contributions channelled funds through multiple bank accounts, mule accounts and layered transactions to support economic rehabilitation through cash assistance, employment and income-generating arrangements. Searches were conducted under the Prevention of Money Laundering Act.
Money-laundering investigation examines alleged foreign-funded networks supporting illegal infiltration, forged documents, and economic settlement of migrants. A money-laundering investigation concerns an alleged network facilitating illegal entry and settlement of Bangladeshi and Rohingya nationals. The alleged scheme involved forged identity and travel documents, charitable trusts receiving overseas contributions, and diversion of funds through bank accounts, mule accounts and layered transactions. Suspected fund use included settlement support, documentation, employment, cash assistance and income-generating assets. Searches examined the alleged infiltration, documentation and financial-support network.
Agentic AI innovation centre enables consumer businesses to co-create, test and scale enterprise AI solutions across operational functions. TCS launched a Gemini Experience Centre in Kolkata with Google Cloud to enable consumer businesses to co-create, test and scale AI-led solutions. The centre showcases agentic AI applications for store operations, supply-chain management, omni-channel retail and customer service, serving retail, consumer packaged goods, travel, tourism and hospitality enterprises. The initiative uses Gemini Enterprise-based industry- and context-aware AI agents and seeks to accelerate agentic AI adoption and support movement from AI pilots to enterprise-scale deployment.
Cost Inflation Index enables inflation-adjusted long-term capital gains calculations through indexed acquisition cost for eligible capital asset transfers. The Cost Inflation Index for financial year 2026-27 is 384 for computing inflation-adjusted long-term capital gains on transfers of capital assets, including immovable property, securities and jewellery. It is used to determine indexed cost of acquisition by adjusting purchase cost for inflation. Long-term classification generally requires holding exceeding 36 months, with stated periods of 24 months for immovable property and unlisted shares and 12 months for listed securities.
India-EU industrial and technology cooperation advances through trade facilitation, resilient supply chains, digital innovation and expanded market access. India-EU industrial and technology cooperation was advanced through engagements addressing industrial collaboration, technology partnerships, bilateral trade opportunities and business-to-business cooperation. Discussions covered trade facilitation, investment flows, supply-chain resilience, digital innovation, competitiveness and regulatory challenges. The interactions emphasised industry-led growth, greater market access for Indian enterprises and innovation-driven partnerships under the Trade and Technology Council framework.
Preferential India-UK trade framework introduces broad zero-duty export access, self-certified origin documentation, and social-security contribution relief for temporary professionals. India-United Kingdom CETA entered into force with preferential tariff treatment, including zero-duty access in the United Kingdom for nearly 99 per cent of India's exports. The Agreement covers goods, services and cooperation in customs, digital trade, financial services, telecommunications, intellectual property and professional services. The associated Agreement on Social Security exempts Indian professionals on temporary United Kingdom assignments from double social-security contributions for up to five years. Rules of Origin certification was operationalised through self-certified Certificates of Origin issued on the eCoO 2.0 platform.
Labour market indicators showed stable overall participation, employment and unemployment, with marginal urban improvement and softer rural unemployment. Monthly labour-market estimates for persons aged 15 years and above, compiled under the Current Weekly Status approach, show stable overall labour-force participation, worker population ratio and unemployment rate in June 2026. Urban labour-force participation and worker population ratio improved marginally, while rural participation and employment remained stable. Female labour-force participation was broadly stable month-on-month. Rural unemployment eased slightly, urban unemployment rose marginally from the preceding month, and urban unemployment declined on a year-on-year basis.
Competition clearance governs full acquisition of a data-centre provider alongside co-investor economic interests in the transaction. Competition approval concerns Opal Bidco Pte. Ltd.'s acquisition of the entire shareholding in STT GDC Pte. Ltd., a data-centre provider. The transaction also provides for specified co-investors to acquire economic interests in STT GDC on a see-through basis. STT GDC operates in India through an indirect subsidiary and is among multiple data-centre participants active in India.
Windfall tax on petroleum exports revises diesel and aviation fuel levies while reducing the petrol export levy. Special Additional Excise Duty on petroleum-product exports was revised from 16 July 2026, increasing the levy on diesel and aviation turbine fuel exports while reducing it on petrol exports. Duty rates on petrol and diesel cleared for domestic consumption remained unchanged. The windfall tax framework seeks to support domestic fuel availability and discourage exporters from benefiting from differences between domestic and global fuel prices during elevated crude-oil prices.
Duty-free market access under the India-UK trade pact expands exports while preserving safeguards for procurement and policy space. The India-UK Comprehensive Economic and Trade Agreement provides duty-free access for nearly 99 per cent of Indian exports and includes reciprocal government-procurement access subject to safeguards. India retains MSME preferences, limits covered procurement to selected central entities, excludes strategic sectors, and applies minimum contract thresholds. The agreement preserves compulsory licensing and permits withdrawal of certain concessions if a future UK carbon tax adversely affects Indian exports. Its gender, SME, environment, and labour chapters contain no dispute-settlement provisions.
India-UK trade agreement expands duty-free market access and tariff reductions for exports, services, manufacturing and small enterprises. India-UK Comprehensive Economic and Trade Agreement (CETA) is stated to provide duty-free access in the UK market for 99 per cent of Indian products and to reduce or eliminate UK import tariffs across key product categories. It is expected to support Karnataka exports in manufacturing, agricultural produce, processed food, electronics, aerospace and medical devices, with certain tariff reductions phased out over time. Mode 1 services provisions are identified as beneficial to Bengaluru's IT industry, while awareness programmes and investment roadshows are proposed to help exporters and attract investment.
Foreign investment screening cooperation advances investment flows alongside trade, technology, supply-chain resilience and prospective investment-protection commitments. India and the European Union concluded a work programme on foreign direct investment screening, exchanging best practices to facilitate investment flows. Trade and Technology Council cooperation addresses market access, standards harmonisation, supply-chain requirements, deep-tech innovation and critical dependencies. The parties also discussed free trade agreement ratification, World Trade Organization reform, and prospective investment-protection and geographical-indications agreements. The Council provides an institutional mechanism for cooperation on trade, trusted technology and economic security.
Balance of payments reporting shows a current account surplus despite a wider trade deficit and portfolio investment outflows. Balance of payments data for April-May 2026 records a current account surplus, supported by increased net services receipts, higher inward remittances and a marginal reduction in net income outgo. The merchandise trade deficit widened as imports rose more than exports. The overall balance of payments moved into deficit, while net foreign direct investment increased and net foreign portfolio investment recorded a larger net outflow.
Online betting money laundering investigation examines alleged proxy accounts, simulated salary payments, cross-border routing, and custodial investigation of the money trail. Money-laundering allegations concerning an online betting syndicate involve purported routing of betting proceeds through fictitious or proxy bank accounts, simulated salary payments, share-capital investments, and foreign institutional channels. An Ebix Group chairman was arrested in connection with the alleged money trail and remanded for investigation. The investigating agency states that prosecution complaints have been filed and that separate state economic-offence and central investigations address connected cases. Political-link allegations were denied, and the stated laundering assertions remain under investigation.
Government has put in place a liberal and investor-friendly policy on Foreign Direct Investment (FDI) under which FDI up to 100% is permitted on the automatic route in most sectors / activities. The policy on FDI is reviewed on a continuing basis through inter-ministerial consultations, with due consideration of relevant issues raised by various stakeholders. During February 2009, Government had issued guidelines on the subjects of calculation of total foreign investment i.e. direct and indirect foreign investment in Indian companies, transfer of ownership or control of Indian companies in sectors with caps from resident Indian citizens to non-resident entities and clarificatory guidelines on downstream investment by Indian Companies through Press Notes 2, 3 and 4 of 2009 respectively. The Department of Economic Affairs had requested Department of Industrial Policy & Promotion for examination of certain issues relating to these Press Notes including, inter-alia, certain issues mentioned by Reserve Bank of India, to which Department of Industrial Policy & Promotion had responded. The Policy on Foreign Direct Investment (FDI) is incorporated in the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000, notified under the Foreign Exchange Management Act (FEMA), 1999. Section 13 of the Act provides for imposition of penalty, after adjudication, for contravention of the provisions of the Act or Rules / Regulations.
This information was given by Shri Jyotiraditya M Scindia, Minister of State for Commerce & Industry, in a written reply in the Rajya Sabha today.
Foreign direct investment rules liberalised allowing broad automatic entry; regulatory clarifications and penalties under FEMA apply.
FDI policy permits up to full foreign ownership on the automatic route in most sectors, supported by February 2009 Press Notes clarifying calculation of total foreign investment, transfers of ownership or control in capped sectors, and downstream investment by Indian companies. The Department of Economic Affairs requested further examination from the Department of Industrial Policy & Promotion on issues including those raised by the Reserve Bank of India. The FDI framework is implemented through the Foreign Exchange Management Regulations, 2000 under FEMA, 1999, and contraventions are subject to penalty after adjudication.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 3354
Join Channel
TaxTMI 