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.
In our previous article published in the 82nd issue of Tax Amicus in April 2018 (/insights/articles/relevance-of-amortization-for-valuation-under-gst-law), we highlighted the inconsistency arising out of a joint reading of Section 15(1) of the
Resolving an old and long-debated issue in anti-dumping investigations, the Division Bench of the Delhi High Court, delivered a judgment on 31 May, 2018 in Kumho Petrochemical Co. Ltd. v. The Designated Authority & Ors. [W.P. (C) 4886/2014].
India ranks at #164 in the world rankings for ‘enforcing contracts’ given by the World Bank, and at #100 in the same rankings for “ease of doing business”.
When countries join the WTO, they sign-up to bring transparency, predictability and stability to import tariffs on various goods among many other commitments. It is felt necessary to agree to tariff bindings.
Finance Act, 2017 amended [see End Note 1] the Income-tax Act, 1961 (‘IT Act’) to provide that the annual value of building or land appurtenant thereto which is held by the assessee as stock-in trade will be deemed to be Nil for a period of one year from the end of the financial year in which the ce
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