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.
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.
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.
The article discusses the DPIIT recent order introducing the transitional exemptions for certain goods, plus, MSME expansion for certain goods, and sectoral amendments in several QCOs
This article analyzes how the EU applied the Union interest test in the fused alumina case and compares this approach with current practice in Indian trade remedy investigations.
This article surveys the treaty text, the domestic legal framework, and the emerging case law, and argues for rigorous adherence to the verification first sequence.
As an expression of commercial intent, Contracts are far from routine formality and serve as legal instruments that define expectations and allocate risk. In India, the execution and enforcement of contracts is governed by the Contract Act, 1872.
The article delves deep into the question of availability of input tax credit when IGST is paid on imports using TR-6 Challan, i.e., due to various circumstances much after the import.
The article discusses the recent decision of the Hon’ble Madras High Court in a trademark dispute between an international retail giant and an Indian domestic entity. Ltd. The judgment serves as an important touchstone for the ‘territoriality principle’ in intellectual property law, balancing the rights of global brands against established local businesses.
The article discusses the recent decision of Chhattisgarh HC which holds that export duty exemption is available to the rice exporters irrespective of the mode of realisation of export proceeds. The case highlights the true scope and meaning of the requirement relating to ‘irrevocable Letter of Credit’.
The article discusses what has been laid down by the Organization of Economic Cooperation and Development (‘OECD’) and India’s position and the distinction between the two in determination of a PE in context of remote working arrangements.
The Union Budget 2026 marks a decisive policy shift for the aviation and aerospace sector by placing manufacturing, MRO (maintenance, repair and overhaul), and supply-chain localization at the centre of growth strategy. The most impactful element of this shift is the extension of the customs duty exemptions on aircraft parts, components, and raw materials – aimed at strengthening India’s position as a global aviation manufacturing hub.
India has revised its startup regulatory framework with the aim of supporting innovation and strengthening the startup ecosystem. On 4 February 2026, the Ministry of Commerce and Industry, through the Department for Promotion of Industry and Internal Trade (‘DPIIT’), issued Gazette Notification G.S.R. 108(E) (‘New Framework’). This New Framework supersedes the earlier framework issued under G.S.R. 127(E), dated 19 February 2019.
The Variable Capital Company (‘VCC’) model was first conceptualised in Singapore through the Variable Capital Companies Act, 2018. VCC model is a unique corporate structure tailored to support investment funds. VCCs provide a corporate structure which achieves flexibility by treating the issuance of new shares (subscription) and the cancellation of existing shares (redemption) as simple administrative actions without requiring regulatory filings and shareholder approvals, offering a progressive approach for pooling investment funds.
The Advance Ruling framework provided under Chapter VB of the Customs Act, 1962 (‘Customs Act’), serves as an instrument of trade facilitation. As per the framework, an applicant can seek a ruling from Customs Authority for Advance Rulings (‘Authority’) on issues such as classification, valuation, rules of origin, etc, which will be binding on the applicant and the customs department (in respect of such applicant).
The rules of the Bar Council of India prohibit law firms from advertising and soliciting work through communication in the public domain. This website is meant solely for the purpose of information and not for the purpose of advertising. Lakshmikumaran & Sridharan does not intend to solicit clients through this website. We do not take responsibility for decisions taken by the reader based solely on the information provided in the website. By clicking on 'ACCEPT', the visitor acknowledges that the information provided in the website (a) does not amount to advertising or solicitation and (b) is meant only for his/her understanding about our activities and who we are.
By continuing to use this site you consent to the use of cookies on your device as described in our Cookie Policy.
