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 key insights of current trade framework and highlights the substantive reforms introduced under the new FEMA 2026 Export-Import Trade Regulations Update.
The article discusses the recent judgement of Bombay High Court which reaffirms the primacy of treaty interpretation based on the nature of income, rather than the mechanism or incidence of collection under municipal law, and has far-reaching implications for pending disputes under the erstwhile DDT regime.
The ruling excludes vacation and business development days from service PE calculations and confirms virtual services from abroad don’t count, potentially reshaping compliance for multinationals
On 23 December 2025, the NCLAT delivered a Judgement on the issue involving Section 59 of the Companies Act, 2013 (‘Act’) upholding the Order passed by the NCLT, Hyderabad.
The article discusses the question as to whether Customs or GST Department has jurisdiction and to what extent, if IGST is declared to be a levy under the CTA or the IGST Act, respectively.
While ensuring lawful licensing is a foundational obligation and even unintentional misuse must be course-corrected, at the same time, enforcement practices should reflect the highest of ethical and legal standards.
On December 18, 2025, India and Oman signed a Comprehensive Economic Partnership Agreement (CEPA), marking Oman’s first bilateral agreement since its deal with the United States in 2006. This article discusses India’s trade with Oman, tariff liberalization, rules of origin, and the technical barriers impacting trade between the two nations
The article discusses the concept of Virtual Service Permanent Establishment (PE) in international taxation. It covers the services of PEs under Double Taxation Avoidance Agreements (DTAAs), the Revenue’s gambit, and judicial interpretations related to Virtual Service PEs.
The article discusses the recent decision of Calcutta High Court in clarifying the invention related to agriculture or horticulture, which cannot be considered non-patentable under Section 3(h) of the Patents Act. The High Court additionally sheds light on the allowability of ‘partial grants’ of claims in India.
For decades, M&A in India required navigating a labyrinth of 29 fragmented labour laws. Inconsistent definitions and rigid approval norms often created hidden liabilities, turning labour diligence into a purely reactive exercise.
For decades, M&A in India required navigating a labyrinth of 29 fragmented labour laws. Inconsistent definitions and rigid approval norms often created hidden liabilities, turning labour diligence into a purely reactive exercise.
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