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        <title>Tax Updates - Daily Update</title>
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        <description>One stop solution for Direct Taxes and Indirect Taxes and Corporate Laws in India</description>
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<title>IDFC FIRST Bank launches Business Multiplier credit card for Founders  Entrepreneurs</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[IDFC FIRST Bank launched an FD-backed Business Multiplier Metal Credit Card for founders, entrepreneurs and business owners, designed for business spending and cash-flow management. The card provides a dedicated business credit limit linked to a fixed deposit, helping separate business and personal expenses while covering office supplies, digital marketing, SaaS subscriptions, travel, equipment purchases, inventory procurement, vendor payments and employee reimbursements. It also offers interest-free credit, 0% forex markup, rewards, UPI payments, lounge access, trip cancellation cover and employee card controls.]]></description>
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<title>National Council for Cement and Building Materials (NCB) Organises National Workshop on Durability Design and Quality Assurance of Concrete</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Durability-centric concrete design and quality assurance were discussed at a national workshop organised by the National Council for Cement and Building Materials on the draft revisions proposed in IS 456:2025. The workshop brought together industry, academia, research institutions and the Bureau of Indian Standards to examine durability design, performance-based specifications, quality assurance practices and implementation readiness for the proposed code changes. A six-month online certification programme on Advanced Concrete Technology was also launched to support capacity building and professional training.]]></description>
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<title>EU Includes India in Revised Draft List for Continued Export of Aquaculture Products to European Market from September 2026</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[India has been included in the European Union's revised draft list for continued export of aquaculture products to the EU market from September 2026, following compliance measures under the EU framework governing antimicrobial use in food-producing animals. The inclusion reflects recognition of India's regulatory compliance, residue monitoring and food safety systems, and of sustained efforts to strengthen responsible aquaculture practices, testing, surveillance, traceability and quality assurance.]]></description>
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<title>Xi warns Trump on Taiwan as US, China discuss trade and Iran war</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[China and the United States discussed a broad bilateral agenda covering Taiwan, trade, energy security and the Iran conflict. Xi Jinping warned that mishandling the Taiwan issue could lead to clashes and conflicts, while both sides also discussed expanding economic cooperation, keeping the Strait of Hormuz open and preventing Iran from acquiring a nuclear weapon. The talks further touched on fentanyl precursors, agricultural purchases, tariffs, technology, rare earth supply chains and US arms sales to Taiwan.]]></description>
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<title>ED freezes Rs 526 cr bank deposits in PMLA case against Gameskraft</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[The Enforcement Directorate conducted searches under the Prevention of Money Laundering Act in a money-laundering case against an online gaming platform and its associated entities, based on multiple police FIRs alleging cheating and fraud. The operation led to the freezing of bank deposits, bonds and fixed deposits, and the seizure of gold jewellery and cash. The case concerns real-money online games, and three founders were also arrested following the searches.]]></description>
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<title>ED opposes Vadra plea in Delhi HC against trial court summons in Haryana land deal case</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Enforcement Directorate opposed a petition challenging a trial court summons in a money laundering case arising from a Haryana land deal, while the petitioner argued that the agency lacked jurisdiction because the predicate offences were not scheduled offences under the Prevention of Money Laundering Act at the relevant time. The trial court had earlier taken cognisance of the charge sheet and directed the accused to appear, referring to sufficient material to proceed further under the Act.]]></description>
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<title>Sensex jumps nearly 790 pts on buying in telecom, banking shares</title>
<link>https://www.taxtmi.com/news?id=72796</link>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Indian equities extended gains for a second consecutive session, with the Sensex rising sharply in volatile trade and the Nifty also closing higher. The recovery was led by value buying in telecom, banking and pharma shares, while IT stocks remained weak. Market sentiment was supported by expectations of possible government measures to address rupee weakness, including consideration of bond tax relief for foreign investors and a possible tightening of the Liberalized Remittance Scheme to curb capital outflows.]]></description>
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<title>Rupee settles at record low of 95.73 against US dollar</title>
<link>https://www.taxtmi.com/news?id=72795</link>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Rupee weakness was driven by a strong US dollar, elevated crude oil prices and inflation concerns, with the currency falling to a record provisional low against the US dollar in volatile interbank trade. Market participants expected a negative bias in the near term because rising inflation in the United States reduced rate-cut expectations, while geopolitical tensions, foreign fund outflows and disruptions to crude petroleum imports added pressure on the currency.]]></description>
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<title>Taiwan tensions could jeopardise ‘new vision’ in China-US ties: Xi after meeting Trump</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[China and the United States reached a political understanding described as a new vision for constructive bilateral ties centred on strategic stability, cooperation, manageable competition and peaceful handling of differences. The Taiwan question was identified as the most sensitive issue in China-US relations, with cross-Strait peace and stability described as central to stable bilateral ties and support for Taiwan independence said to be incompatible with that objective. Trade and broader cooperation were also discussed, including economic, health, agriculture, tourism and law enforcement engagement.]]></description>
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<title>Trump, Xi hold talks in ‘biggest summit ever’</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[US and Chinese leaders held high-level talks on trade frictions, tariffs, export controls, advanced technology, rare earth supply chains, Taiwan and wider geopolitical tensions linked to the Iran war and Strait of Hormuz disruptions. The meeting was aimed at stabilising relations through direct dialogue and addressing economic and security differences, while both sides emphasised partnership, mutual prosperity and the need to avoid escalation. Plans for a trade board and continued negotiations on tariffs were also noted.]]></description>
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<title>Ant Digital Technologies and Ryt Bank Win Best AI-Powered Customer Experience Award in Malaysia</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Partnership between Ant Digital Technologies and Ryt Bank received recognition in Malaysia for an AI-powered customer experience and engagement initiative in digital banking. The collaboration was noted for deploying enterprise-grade AI to deliver personalised, scalable and real-time financial services across digital channels, with an emphasis on conversational customer interactions, improved service responsiveness and enhanced customer engagement. The report also notes Ryt Bank's status as a licensed Malaysian digital bank and its use of AI-enabled banking functions such as transfers, bill payments, card usage, PayLater services and an AI assistant.]]></description>
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<title>The Era of Informal Influence Is Over: India's Creator Economy Is Entering Its Institutional Age</title>
<link>https://www.taxtmi.com/news?id=72791</link>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[India's creator economy is described as moving into a formalised industry shaped by standardised processes, infrastructure-led growth, and regulatory governance. GST registration is presented as a baseline for institutional brand partnerships, while regional expansion, brand accountability, AI adoption, and compliance requirements are identified as the main forces reshaping influencer marketing. ASCI disclosures, SEBI scrutiny, and DPDP compliance are framed as structural filters for durable participation in the sector.]]></description>
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<title>India bans sugar exports till Sept 30</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Sugar exports are placed under a prohibited regime with immediate effect until 30 September 2026, by amendment of the export policy from restricted to prohibited. The measure is stated to support domestic availability and contain prices, following earlier licence-based control of exports. The prohibition does not apply to exports to the European Union and the United States under the CXL and Tariff Rate Quota arrangements, or to shipments under the advance authorisation scheme, government-to-government exports, and consignments already in the physical export pipeline.]]></description>
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<title>Cabinet approves one new project covering Ahmedabad District in the state of Gujarat, increasing the existing network of Indian Railways by about 134 Kms</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Cabinet approval has been granted for the Ahmedabad (Sarkhej)-Dholera Semi High-Speed Double Line project in Gujarat, covering Ahmedabad district and adding about 134 km to the Indian Railways network. The project, with an estimated cost of Rs. 20,667 crore, is planned for completion by 2030-31 and is described as Indian Railways' first semi high-speed project using indigenously developed technology. It is intended to improve direct connectivity, reduce travel time and enhance mobility, service reliability and logistics efficiency.]]></description>
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<title>Republic of Chile Foreign Minister H.E. Mr. Francisco Pérez Mackenna, Leads High-Level Delegation to India to Strengthen Economic and Commercial Cooperation</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Bilateral economic and commercial cooperation between India and Chile was advanced through high-level ministerial and official engagements focused on deepening trade, investment and institutional ties. The discussions reaffirmed the shared commitment of both sides to expand bilateral business engagement and to work towards the early conclusion of a Comprehensive Economic Partnership Agreement as a framework for unlocking the relationship's economic potential. The talks also covered trade facilitation, market access, investment promotion and stronger economic institutional engagement.]]></description>
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<title>Union Minister of Commerce and Industry Shri Piyush Goyal Felicitates LEAPS 2025 Winners Across 13 Categories Celebrating Excellence in Logistics and Innovation</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Recognition was conferred on logistics organisations across core logistics, MSMEs, startups, institutions and special categories for operational excellence, innovation, sustainability, multimodality and technology adoption in supply chain and logistics services. The LEAPS 2025 initiative was described as a flagship national platform aligned with PM GatiShakti and the National Logistics Policy to acknowledge leadership in logistics performance and best practices. The evaluation process for LEAPS 2025 was stated to have been conducted through a structured and transparent mechanism involving online applications, expert committee scrutiny and award committee review.]]></description>
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<title>West Asia crisis: Worried by high VAT on PNG, small-scale industries in MP seek rate cut</title>
<link>https://www.taxtmi.com/news?id=72786</link>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Micro, small and medium enterprises in Madhya Pradesh sought a reduction in the VAT on piped natural gas used for industrial purposes, saying high fuel prices and the absence of GST input tax credit are raising production costs and hurting competitiveness. They urged either a lower VAT rate or inclusion of PNG within the GST ambit. Industry and business groups also demanded simplification of the GST return filing process.]]></description>
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<title>Govt may have to hike fuel prices if West Asia crisis prolongs: RBI Guv</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Energy price pressures from the West Asia conflict and Strait of Hormuz disruption are affecting India's import-dependent economy. The Reserve Bank Governor noted that sustained disruption may require the government to pass on higher fuel costs to retail prices, even though petrol and diesel prices have so far not been raised.]]></description>
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<title>Rupee crashes to record 95.80 against USD; settles near all-time low at 95.66</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Rupee weakness against the US dollar reflected pressure from elevated crude oil prices, West Asia geopolitical tensions and a strong dollar, with the currency touching a record low before closing near its all-time closing low. Traders noted that possible RBI intervention and reduced gold import demand following higher import tariffs could moderate further depreciation, but the near-term direction remained linked primarily to crude prices and geopolitical developments. Gold and silver import duties were raised to curb overseas purchases and ease pressure on foreign exchange reserves.]]></description>
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<title>USD 1 trillion exports target for this year: Goyal</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[India's export policy focus is on scaling goods and services exports through a higher annual target, supported by record export levels and continued market diversification. A central instrument of this strategy is the use of free trade agreements and related preferential trade arrangements, alongside efforts to improve FTA utilisation by increasing awareness among industry participants, especially small and micro units, so that the benefits of these agreements are more widely accessed across the export ecosystem.]]></description>
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<title>Vadra moves Delhi HC against trial order summoning him in ED case</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Robert Vadra moved the Delhi High Court against a trial court order issuing summons to him in a money laundering case linked to a land transaction in Gurugram's Shikohpur area. The trial court had taken cognisance of the Enforcement Directorate's charge sheet and directed Vadra and other accused persons to appear, noting prima facie material to proceed further under the Prevention of Money Laundering Act.]]></description>
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<title>Goyal calls for taking India's exports to USD 1 trillion this year</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[India's export policy focus was framed around scaling goods and services exports to a USD 1 trillion target for the current fiscal year. The benchmark was the previous year's record export performance of USD 863 billion, with the additional growth requirement described as about 16-17 per cent.]]></description>
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<title>IEPFA Signs MoU with Prasar Bharati to Amplify Investor Awareness initiatives</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Investor awareness initiatives are being expanded through a Memorandum of Understanding between the Investor Education and Protection Fund Authority and Prasar Bharati for dissemination of scroll messages on Doordarshan. The collaboration is intended to promote financial literacy, investor protection, safe investing practices, and awareness of the process for reclaiming unclaimed dividends and shares. It also encourages use of the Search Facility, filing of claims through Form IEPF-5, and fraud prevention awareness.]]></description>
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<title>Redmi Note 15 SE Debuts in India with Snapdragon 6 Gen 3 And 5,800 Mah Battery</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Easy EMI financing is offered for purchase of the Redmi Note 15 SE through Bajaj Finserv partner stores, with repayment tenures from 3 to 60 months, zero down payment on select models, instant approval at checkout, and same-day delivery after OTP-based eligibility verification. Bajaj Finance Limited is described as a deposit-taking NBFC-D registered with the Reserve Bank of India and classified as an NBFC-Investment and Credit Company, engaged in lending and acceptance of deposits.]]></description>
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<title>Explainer on gold import duty hike</title>
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<pubDate>Thu, 14 May 2026 19:58:03 +0530</pubDate>
<description><![CDATA[Import duty on gold has been more than doubled to 15 per cent from 6 per cent to discourage non-essential imports, conserve foreign exchange for essential imports such as crude oil and fertiliser, and support the rupee. The increase is intended to curb domestic consumption of gold in the context of a high import bill and elevated international prices. Higher duty has historically reduced import volumes, though the overall import bill may remain elevated because of global price conditions.]]></description>
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<title>TMI Updates - Newsletter dated: May 14, 2026</title>
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