Centre Prohibits Sugar Exports Till September 30, Allows Limited Exceptions For EU, USA

The Central Government has prohibited the export of raw, white, and refined sugar with immediate effect, changing the export policy from “restricted” to “prohibited.” The Directorate General of Foreign Trade (DGFT), through a notification issued on May 13, 2026, said the ban will remain in force until September 30, 2026, or until further orders, whichever is earlier. However, the prohibition will not apply to sugar exports to the European Union and the United States under existing quota...

SAFEMA Appellate Tribunal Cuts BPL, Ex-MD Penalties To ₹10L, ₹1L In ₹4.9 Crore FEMA Violation Case

The Appellate Tribunal under SAFEMA has reduced penalties on BPL Limited and its former Managing Director, Ajit G. Nambiar, to Rs. 10 lakh and Rs. 1 lakh respectively in a FEMA case over foreign remittances worth about Rs. 4.90 crore for which the company failed to prove imports. It, however, upheld the findings of contravention against both. The coram comprising Members Balesh Kumar and Rajesh Malhotra was hearing appeals against an August 31, 2016 order passed by the Joint Director,...

Centre Raises Gold, Silver Import Duty To 15% From 6% Effective Today

The Central Government has increased the effective import duty on gold and silver to 15% from 6% through a set of customs notifications issued by the Ministry of Finance, with the revised rates taking effect from May 13. The revised duty structure doubles the basic customs duty on the two precious metals to 10% from 5%, while increasing the Agriculture Infrastructure and Development Cess to 5% from 1%, taking the overall effective levy to 15%. The changes were notified through Notification...

SAFEMA Appellate Tribunal Upholds ₹3 Crore FEMA Penalty Against Thomas Cook India

The Appellate Tribunal under SAFEMA at New Delhi has upheld penalties of Rs. 1.5 crore each imposed on Thomas Cook India Ltd. for contraventions relating to the issuance of forex cards worth over Rs. 14.29 crore to 255 persons while exonerating its General Manager Amit Bhatia. The tribunal, comprising members Balesh Kumar and Rajesh Malhotra, was dealing with appeals filed by Thomas Cook India Ltd. and Bhatia against the adjudication order dated March 30, 2020, passed by the Additional...

RBI Warns Public Against Misleading Campaigns Promising Loan Waivers

The Reserve Bank of India on Monday cautioned the public against misleading campaigns promising loan waivers, warning that such activities continue despite its earlier press release dated December 11, 2023. “Such campaigns not only mislead the general public but also interfere with the orderly functioning of the credit system of the country,” the RBI said. In a press release dated May 4, 2026, the central bank said certain individuals and entities are falsely claiming they can secure waivers...

Centre Mandates Govt. Route For Investments With Beneficial Ownership Linked To Border Countries

The Centre has mandated that investments into India in non-debt instruments, including equity, by entities or individuals from countries sharing a land border with India, as well as investments where the beneficial ownership is traceable to such countries, must be made only through the Government approval route, under amendments notified on May 1, 2026. The Ministry of Finance, Department of Economic Affairs, brought into force the Foreign Exchange Management (Non-debt Instruments) (Amendment)...

Centre Appoints Former Punjab And Haryana HC Judge Anupinder Singh Grewal As NCLT President

The Centre has appointed former Punjab and Haryana High Court judge Justice Anupinder Singh Grewal as President of the National Company Law Tribunal (NCLT). He succeeds Justice Ramalingam Sudhakar, who had been serving as NCLT President since November 1, 2021, and demitted office earlier this year. Born on March 10, 1964, in the Ludhiana district, Punjab, Grewal hails from a family with a background in public service. His father retired as Chief Engineer in the Punjab PWD (B&R), while his...

RBI Exempts NBFCs With Assets Below ₹1,000 Crore Without Public Funds Or Customer Interface From Registration

The central bank’s amendment to the Non-Banking Financial Companies – Registration, Exemptions and Framework for Scale Based Regulation Directions, introducing the changes, will come into effect from July 1, 2026

RBI Imposes ₹80 Thousand Penalty On Muthoot Housing Finance For Fair Practice Code Violation

The Reserve Bank of India has imposed a monetary penalty of Rs. 80,000 on Muthoot Housing Finance Company Limited for non-compliance with RBI directions on the Fair Practice Code.The penalty was imposed by an order dated April 21, 2026. The action follows a statutory inspection conducted by the National Housing Bank with reference to the company's financial position as of March 31, 2025, which revealed regulatory lapses.RBI found that the company had failed to disclose the approach for gradation...

RBI Imposes ₹41.80 Lakh Penalty On Bandhan Bank For KYC, Regulatory Lapses

The Reserve Bank of India has imposed a monetary penalty of Rs.41.80 lakh on Bandhan Bank Limited for contravention of provisions of the Banking Regulation Act, 1949 and non-compliance with certain directions on Know Your Customer. The penalty was imposed by an order dated April 21, 2026. The action follows the Statutory Inspection for Supervisory Evaluation conducted with reference to the bank's financial position as on March 31, 2025, which revealed supervisory findings of non-compliance. ...

RBI Cancels Paytm Payments Bank Licence, Cites Harm To Depositors' Interests

The Reserve Bank of India (RBI) on Friday cancelled the banking licence of Paytm Payments Bank Limited, citing serious regulatory breaches and conduct that it said was harmful to depositors' interests. With the cancellation taking effect from the close of business on April 24, 2026, the bank is barred from undertaking any banking activity as defined under Section 5(b) of the Banking Regulation Act, 1949, or any additional business under Section 6, with immediate effect. The regulator said it...

Delhi Court Dismisses Rado, Swatch Group Trademark Suit Against Local Trader

A commercial court in Saket, New Delhi, has dismissed a trademark infringement suit filed by Rado along with other Swatch Group companies, finding that they failed to establish infringement or any likelihood of confusion even on a preponderance of probabilities, in the absence of cogent evidence. District Judge Lokesh Kumar Sharma said the case was built on unsubstantiated claims, remarking that it amounted to “nothing beyond a mere lip service done by PW1 in the air.” Rado Uhren AG, Tissot...