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.
An AI project rarely fails because the model was bad. It fails because no one had decided, in advance, who owned the risk, what it would cost to keep the system honest, and who paid when a vendor's tool erred.
Subhomoy Bakshi, Head of Digital Transformation17 Sept 2025
A company that decides to adopt AI has really made only the first of two decisions. The second, and often the more consequential, is whether to buy the capability from a vendor or build it in-house.
Subhomoy Bakshi, Head of Digital Transformation13 Sept 2025
Every AI system is a claim about its data. Train a model on what a business already knows, and it will reproduce that knowledge faithfully, including the parts the business would rather not repeat.
Subhomoy Bakshi, Head of Digital Transformation10 Sept 2025
Most AI programmes do not fail in the model. They fail in the decisions around it: a tool bought without a problem to solve, a pipeline fed on data nobody audited, a rollout the workforce quietly refuses.
Subhomoy Bakshi, Head of Digital Transformation06 Sept 2025
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