RBI Appoints Gunveer Singh As Executive Director To Head Payment And Settlement Systems

The Reserve Bank of India (RBI) on Monday appointed Gunveer Singh as its new Executive Director, with responsibility for the Department of Payment and Settlement Systems. His appointment takes effect on May 18, 2026. Before his promotion, Singh was serving as Chief General Manager-in-Charge of the same department. He has more than three decades of experience at the RBI, having worked in payment and settlement systems, banking and non-banking supervision, risk monitoring, Government banking,...

Centre Restricts Import Of Certain Semi-Manufactured Silver Bars With Immediate Effect

The Central Government has tightened import rules for certain categories of silver bars, shifting them from the “Free” to the “Restricted” category with immediate effect, according to a notification issued by the Directorate General of Foreign Trade (DGFT) on May 16. The move affects semi-manufactured silver covered under Chapter 71 of the Indian Trade Classification (Harmonised System) 2022 import policy schedule, specifically ITC HS codes 71069221 and 71069229. The first category covers...

MCA Extends Tenure Of NCLAT Technical Members Barun Mitra, Naresh Salecha Till September 2026

The Ministry of Corporate Affairs has extended the tenure of NCLAT Technical Members Barun Mitra and Naresh Salecha. Their current term ends on May 16, and they will now continue until September 8, 2026, or until they attain the age of 67 years, whichever is earlier.The extension was notified through a gazette notification dated May 15 and takes effect on May 17. The two will continue on the same terms and conditions as their original appointment under the July 22, 2022 notification. Barun...

Delhi High Court Imposes ₹2 Lakh Cost On Dior, Dismisses 'Poison Pot' Trademark Suit

A Delhi district court has dismissed a trademark infringement suit filed by luxury French perfume house Parfums Christian Dior against Indian cosmetics maker Maja Health Care Division and two others over the 'Poison Pot' mark. The court held that Dior failed to establish its legal identity and proper authorisation to sue. It also failed to prove infringement and passing off on their merits. District Judge Anubhav Jain of Patiala House Courts delivered the judgment on May 12, nearly 14 years...

Adani Green Bribery Case: Gautam Adani and Sagar Adani Agree To Pay $18 Million To Settle US SEC Proceedings

Industrialists Gautam Adani and Sagar Adani have agreed to pay a total of $18 million in civil penalties to settle a securities fraud case brought by the United States Securities and Exchange Commission (SEC), arising from allegations of bribery and misleading disclosures linked to Adani Green Energy Ltd. and related securities offerings. Gautam Adani agreed to pay $6 million while Sagar Adani agreed to pay $12 million under consent filings submitted before the US District Court for the Eastern...

IBBI Amends Regulations To Appoint Its Nominee Directors On Insolvency Professional Agency Governing Boards

The Insolvency and Bankruptcy Board of India (IBBI) has amended its regulations to provide for appointment of its nominee director on the governing board of an insolvency professional agency (IPA), with the nominee enjoying the same status, rights, duties, powers and responsibilities as other directors. The change has been introduced through amendments to the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016. ...

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)...