Where an EPCG licence holder becomes incapable of fulfilling export obligations due to unavoidable circumstances such as SARFAESI auction of imported assets, levy of interest and penalty cannot be sustained, particularly when customs duty has already been recovered through encashment of bank guarantees. Tribunal upheld only the customs duty demand while setting aside confiscation, interest and penalty.
The Tribunal emphasized that detailed quantitative reconciliation and accepted export realizations carried substantial evidentiary value in the diamond trade. In the absence of discrepancies in stock records or sales, the alleged bogus purchase addition was deleted in full.
The Supreme Court refused anticipatory bail, holding that the High Court had rightly found prima facie material indicating involvement in the alleged liquor syndicate. The Court emphasized that serious corruption allegations warranted an unhindered investigation.
RBI has issued draft amendment directions to harmonise governance standards for risk management, compliance, and internal audit functions. The proposals aim to enhance accountability, independence, and board oversight across regulated entities.
RBI has released draft amendment directions on the Standardised Approach for Counterparty Credit Risk after reviewing legal and regulatory developments. Stakeholders have been invited to submit comments by July 1, 2026.
Government extends countervailing duty on aluminium wire/wire rod imports from Malaysia up to 23 March 2027 through Notification No. 3/2026-Customs.
Government extends anti-dumping duty on aluminium foil from China, Malaysia, Thailand and Indonesia up to 15 December 2026. Notification No. 10/2026-Customs (ADD) Dated: 10th June, 2026
Notification No. 29/2026-Central Excise grants Nil Agriculture Infrastructure and Development Cess on E22, E25, E27 and E30 petrol blends. The move strengthens the Government’s efforts to promote cleaner and sustainable fuel alternatives.
Notification No. 28/2026-Central Excise exempts E22, E25, E27 and E30 petrol blends from additional excise duty in the form of Road and Infrastructure Cess. The measure advances India’s policy objective of encouraging cleaner transportation fuels.
Notification No. 27/2026-Central Excise extends Nil special additional excise duty benefits to E22, E25, E27 and E30 petrol blends. The measure strengthens the Government’s policy framework promoting ethanol-based fuels.
