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Widening the gate of Indian Economy: Key changes under the Foreign Exchange Management (Non-Debt Instruments) (Third Amendment) Rules, 2026

The Ministry of Finance (Department of Economic Affairs) on 12 June 2026, notified the Foreign Exchange Management (Non-Debt Instruments) (Third Amendment) Rules, 2026 (‘Amendment Rules’), amending the Foreign Exchange Management (Non-Debt Instruments) Rules, 2019 (‘NDI Rules’). The Amendment Rules constitute the third amendment in the FEMA liberalisation cycle for the year 2026, following the first and second amendments, which respectively relaxed restrictions on investments from countries sharing a land border with India and liberalised foreign investment in the insurance sector opening the sector up till 100% under automatic route. The third amendment is yet another attempt to widen the gate for the Indian economy. For years, access to India's listed securities market was reserved specially for a defined class amongst which are foreign portfolio investors (FPIs) and non-resident Indians (NRIs) and overseas citizens of India (OCIs), this time the liberalisation is into the Indian capital markets.

Aman Gupta04 Aug 2026
EU’s 2026 Steel TRQ Regulation: From temporary safeguards to permanent industrial policy?
International Trade and WTOMetals

EU’s 2026 Steel TRQ Regulation: From temporary safeguards to permanent industrial policy?

The 2026 Steel import Regulation of the European Union (EU) (‘2026 Regulation’),[1] which came into force on 1 July 2026, is not simply a continuation of earlier Steel Safeguard measures[2] applicable since 2018, but it indicates a decisive shift in the EU’s approach to regulate its steel imports in the coming years. With lowering of tariff-rate quotas (TRQs), higher out-of-quota duties and proposal for stricter origin requirements, the 2026 Regulation goes beyond the WTO’s temporary safeguard regime to a more permanent industrial policy governing steel imports into the EU. In particular, the 2026 Regulation reduces the EU's tariff-free steel quota by ~47%, doubles the out-of-quota duty from 25% to 50%, and introduces a new ‘melt and pour’ traceability requirement.

10 Jul 2026
Jurisdiction of Principal Bench of GST Appellate Tribunal: Statutory framework and early judicial signals
GST & Indirect Tax LitigationAll Industries

Jurisdiction of Principal Bench of GST Appellate Tribunal: Statutory framework and early judicial signals

Various State Benches of the Goods and Services Tax Appellate Tribunal (‘GSTAT’) have recently become operational, and questions relating to jurisdiction between the Principal Bench and the State Benches have begun to arise in practice. While Section 109 of the CGST Act specifies certain categories of cases to be dealt with exclusively by the Principal Bench, early orders of the Principal Bench indicate that jurisdictional issues are not always straightforward.

Shreyash Agrawal+101 Jul 2026

Search Articles

  • CustomsAll Industries

    Locking horns over ‘free’ and ‘restricted’

    The concept of ‘restriction’ imposed on export of goods as indicated in the Indian Trade Classification (ITC (HS)) has been the subject matter of judicial interpretation before various forums. The article analyses a recent Gujarat High Court decision in the case of Satyendra Packaging Limited v. Union of India, which has sparked some controversy towards the settled understanding of the issue.

    Nupur Maheshwari+128 Dec 2023
  • Intellectual PropertyAll Industries+4

    Scope of ‘known substance’ under Patents Act Section 3(d)

    The article discusses a recent Madras HC decision highlighting nuances of applying Section 3(d) in so far as the ‘known substance’ based exclusion under the said provision, is concerned. Merely because the claimed invention is a polymorph of a compound that is previously patented, does not automatically render it a ‘known substance’, unless the compound is published before the priority date of the claimed invention.

    26 Dec 2023
  • RegulatoryRetail and E-commerce

    Regulation of Dark Patterns

    Dark patterns are deceptive user interface/ user experience (‘ UI/UX ’) designs (such as pre-selected checkboxes and variations in visual prominence) which induce users to make purchases (or otherwise act in ways) that they did not initially intend. The article discusses as to how they were designed to mislead the consumers, and what are the restrictions on the use of Dark patterns in EU, USA, and now in India.

    Paritosh Chauhan19 Dec 2023
  • Direct TaxAll Industries

    Income-tax implications of issues of shares at a discount

    The issue of shares by a company and its subscription by a shareholder is ordinarily on capital account, from the perspective of the company as well as the shareholder. No income can arise on issuance of shares by a company.

    S. Sriram+118 Dec 2023
  • Intellectual PropertyHealthcare & Pharma+4

    Registrability of trademarks derived from generic names in Pharma Industry

    The article discusses a recent Madras HC decision against a refusal order for registration of the mark ‘Inimox’ considering an opposition by the owner of mark ‘Imox’, both used for pharmaceuticals. The Court has overturned the Registry’s findings in respect of ‘likelihood of confusion’ and directed the mark ‘Inimox’ to proceed for registration. This is an important decision clarifying on the contours of registering API-derivate brand names in the pharmaceutical industry.

    18 Dec 2023
  • International Trade and WTOMetals

    CJEU invalidates Non-Preferential Rules of Origin – A ray of hope for Indian exporters of seamless stainless-steel pipes and tubes to EU

    The article focuses on the implication of the recent judgement of the CJEU relating to the Non-Preferential Rules of Origin wherein the EU's Court has held that the primary rule for CTSH 7304 41 under the Rules of Origin is invalid to the extent it excludes the cold rolled processing performed on hot-rolled tubes or mother pipes classifiable under CTSH 7304 49. According to the author, as the EU market opens, this will give a significant boost to Indian exports from this sector

    Gopakrushna Das05 Dec 2023
  • All PracticesAll Industries

    The equivocal nature of the advisory regarding Input Tax Credit (ITC) reversal under Rule 37(A)

    The article discusses the conflicting nature of a recent Advisory issued by the GSTN in respect of ITC reversal on account of new CGST Rule 37(A). The authors in this regard discuss various ambiguities surrounding this Advisory, like the period to be considered for computation of amount of ITC to be reversed, whether data of GSTR 2A or GSTR 2B is to be considered, etc. According to them, there is a requirement of detailed guidelines.

    04 Dec 2023
  • All PracticesAll Industries

    The bittersweet classification of Flavoured Milk (5)

    Classification of goods under the correct tariff item is the first and the most litigative issue in any tax jurisdiction. The article hence analyses the implications of a Madras HC decision which has held that flavored milk is classifiable under Heading 0402 and not under Heading 2202 covering beverage containing milk. Deliberating on the reasoning of the High Court and the relevance of this decision, the authors highlight various issues which need to be understood by the industry.

    30 Nov 2023
  • All PracticesAll Industries

    The bittersweet classification of Flavoured Milk (4)

    Classification of goods under the correct tariff item is the first, and arguably, most litigative issue in any tax jurisdiction. The article hence analyses the implications of a recent Madras High Court decision which has held that flavored milk is classifiable under Heading 0402 and not under Heading 2202 covering beverage containing milk. Deliberating on the Court’s reasoning and the relevance of this decision, the authors highlight various issues which need to be understood by the industry.

    29 Nov 2023
  • All PracticesAll Industries

    The bittersweet classification of Flavoured Milk (3)

    Classification has always been one of the most interesting as well most litigative issue in any tax jurisdiction. Classifying goods under the correct tariff item is the first, and arguably, most important step for a taxpayer as apart from determination of the applicable rate of tax, it can be used as a tool for unnecessary harassment by the tax authorities.

    29 Nov 2023
  • All PracticesAll Industries

    The bittersweet classification of Flavoured Milk (2)

    Classification has always been one of the most interesting as well most litigative issue in any tax jurisdiction. Classifying goods under the correct tariff item is the first, and arguably, most important step for a taxpayer as apart from determination of the applicable rate of tax, it can be used as a tool for unnecessary harassment by the tax authorities.

    29 Nov 2023
  • All PracticesAll Industries

    The bittersweet classification of Flavoured Milk (1)

    Classification has always been one of the most interesting as well most litigative issue in any tax jurisdiction. Classifying goods under the correct tariff item is the first, and arguably, most important step for a taxpayer as apart from determination of the applicable rate of tax, it can be used as a tool for unnecessary harassment by the tax authorities.

    29 Nov 2023
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