FOREIGN EXCHANGE VIOLATION
From Op Sindoor to 'stoppage of fire': All that happened between India-Pakistan post Pahalgam attack
India and Pakistan agreed to a ceasefire following intense military exchanges sparked by a deadly attack on Hindu tourists in Kashmir. However, violations were reported shortly after the truce. While global leaders welcomed the de-escalation, key measures like the Indus Waters Treaty suspension and trade restrictions remain in place, indicating lingering tensions despite the ceasefire agreement.
'Pakistan violates understanding, Indian army has been authorised to take appropriate actions' says Vikram Misri
MEA Briefing Operation Sindoor: India has authorised its army to act against any ceasefire violations following a breakdown in the understanding reached between Indian and Pakistani military leadership. Foreign Secretary Vikram Misri confirmed that Pakistan breached the agreement within hours, prompting Indian retaliation. A separate security alert unfolded in Nagrota, Jammu and Kashmir, where a search operation is underway. While US President Trump claimed credit for mediation, Indian officials clarified the truce was a result of direct talks between New Delhi and Islamabad, without external involvement.
Rupee falls 30 paise to 85.88 against US dollar in early trade
The Indian Rupee weakened against the US dollar due to rising tensions between India and Pakistan. The rupee fell to 85.88, a 30 paise drop. Military actions along the border heightened market concerns. Investors are seeking safe-haven assets. The stock market also experienced a decline.
Gold price falls as U.S-U.K announce trade deal; here's how much it fell and what experts are saying
Gold prices fall as U.S. President Donald Trump signals a major trade deal with Britain, easing market fears and reducing gold’s appeal as a safe-haven asset. With spot gold dropping 0.7% to $3,342.22 and U.S. gold futures down 1.3% to $3,347.90, investors shift focus to improving trade ties and a stronger dollar. Meanwhile, China’s gold import policy change and rising India-Pakistan tensions could still impact demand. Talks between the U.S. and China in Switzerland this weekend add more uncertainty. Here's a detailed breakdown of all the key events moving the precious metals market today.
Delhi HC curbs Gensol, BluSmart from creating third-party rights over 220 EVs leased to SMAS Auto, Shefasteq OPC
SMAS Auto had leased 164 EVs to Gensol and 46 to BluSmart, while Shefasteq had leased 10. Justice Jyoti Singh refused to direct repossession of the EVs, as sought by the lessors. The court also asked Gensol to submit a status report on the leased EVs within two days, besides furnishing a comprehensive statement of their assets and liabilities.
No overseas investment if old lapses not fixed: RBI
The RBI is cracking down on corporates with unresolved ODI violations, setting an August 25, 2025 deadline. Companies failing to rectify past lapses face compounding or adjudication before making further foreign financial commitments. This move aims to address non-disclosure of financial details on old ODIs, potentially impacting future overseas deals if compliance isn't addressed promptly.
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Tale of 2 countries: Pakistan stock market down 4% post Pahalgam attack, India’s Sensex gains 1.5%
Following the Pahalgam attack, Pakistan's KSE-100 index fell nearly 4%. Fears of military escalation rattled investors. India's Sensex rose 1.5%, defying regional risks. Moody's warned of economic strain on Pakistan. India suspended the Indus Waters Treaty. Foreign investors remained confident in India. Tensions between the two countries remain high. The historical context shows Indian markets have weathered such tensions.
MCA probes BluSmart; More made-in-India AirPods
Happy Tuesday! The corporate affairs ministry will probe Gensol Engineering and BluSmart to check corporate governance lapses. This and more in today’s ETtech Morning Dispatch.
China's expanding global espionage network under scrutiny
China operates one of the world's most expansive espionage networks, using state agencies, civilians, and proxy organizations to conduct global intelligence operations. Recent incidents across Europe, the US, and Asia highlight increasing concerns over Beijing's surveillance, cyber activities, and foreign interference.
Gautam Adani's team meets Trump officials in bid to close US bribery case: Report
Gautam Adani's representatives reportedly engaged with Trump administration officials, seeking the dismissal of criminal charges related to an overseas bribery probe. The U.S. authorities indicted Adani and his nephew for allegedly paying bribes to secure Indian power supply contracts and misleading U.S. investors. The SEC also summoned them for misrepresenting antibribery compliance during a bond offering.
Adani Group stocks rally up to 14% after Gautam Adani's team meets Trump officials over US bribery case
Adani Group stocks experienced a surge following reports that representatives met with US officials from the Trump administration to seek dismissal of bribery charges. The US authorities indicted Adani and his nephew, Sagar Adani, alleging that they paid bribes to secure Indian power supply contracts, and misled U.S. investors during fund raises.
US lawmakers urge SEC to delist Alibaba and Chinese companies: Report
Two US Republican lawmakers urged the SEC to delist 25 Chinese firms, including Alibaba and Baidu, citing national security risks due to alleged military ties. They claim these companies aid China’s strategic goals and violate human rights, posing threats to American investors under the Holding Foreign Companies Accountable Act.
ED to speed up PMLA, FEMA cases; focus on fugitive assets, says director
On the restitution of proceeds of crime, Rs 15,261 crore was restituted in 30 cases during FY 2024-25 with court approval, a process expected to accelerate. The ED has 1,739 cases under trial as of March 31, following the filing of 333 prosecution complaints last year. Under FEOA, applications have been filed against 24 individuals, with 14 declared fugitive economic offenders, leading to the confiscation of over Rs 900 crore in assets.
PMLA action picked momentum after 2014; conviction rate over 93 pc: ED director Rahul Navin
Enforcement Directorate (ED) Director Rahul Navin said that over 1700 money laundering cases are under trial, attributing delays to the broader issues within the Indian justice system. Despite these delays, the ED boasts a conviction rate of 93.6 per cent. The agency aims to expedite pending investigations by leveraging advanced technology and forensics.
Delhi HC bars Gensol, BluSmart from creating rights over leased EVs amid financial irregularities
The Delhi High Court has barred Gensol Engineering and BluSmart from creating third-party rights over 95 Tata EVs leased by Clime Finance, citing lease defaults and financial misconduct. A court-appointed receiver will oversee the vehicles. Clime alleges fund diversion and unpaid dues, prompting lease termination and judicial intervention.
Urban Company founders sell stock; Alibaba ups AI ante
Founders of Urban Company have sold shares in the run-up to the firm's IPO. This and more in today’s ETtech Top 5.
EU Court orders Malta to end golden passport scheme
The European Court of Justice has ruled against Malta's golden passport program, deeming it a violation of EU law. The scheme, which granted citizenship in exchange for substantial investments, undermined the principle of mutual trust among member states. The court emphasized that nationality should not be treated as a commercial transaction, highlighting concerns about solidarity and good faith.
Gensol Engineering shares hit 5% lower circuit as ED raids Ahmedabad, Gurgaon offices over FEMA probe
Gensol Engineering shares: The agency also issued directives under the Foreign Exchange Management Act (FEMA) and the Income Tax Act, 1961, to Axis Bank, HDFC Bank, and ICICI Bank. However, the specific contents of these orders have not been made public.
ED says files burnt in Mumbai office fire, but digital records will help continue probe
A fire broke out at the Enforcement Directorate's Mumbai office, damaging documents and furniture. The agency clarified that investigations and trials would not be affected as crucial records are digitally stored and available with courts. Operations have been shifted to an alternate location, and the ED is expediting the establishment of a standalone office in Mumbai.
China urges India, Pakistan to act with restraint after deadly Pahalgam terror attack
Amid rising tensions between India and Pakistan following the Pahalgam terror attack, China urges restraint from both nations. Beijing offered support to Pakistan in safeguarding its interests, while calling for a swift investigation into the attack that killed 26, mostly tourists, in India's Kashmir.
‘We carry visa papers, practise scripts.’ International students' lives now marred by anxiety in the US
International students in the United States are facing growing uncertainty as visa revocations under the Trump administration continue to rise, with around 1,800 students affected. Traditional college experiences have shifted toward concerns over safety, deportation, and legal risks.
Apple’s India pivot; Cloud, AI fuel Alphabet's gain
Apple is seeking to assemble all iPhones sold in the US in India by next year, the Financial Times reported. This and more in today’s ETtech Top 5.
The cases to watch as Trump targets international students
International students are challenging President Donald Trump's immigration policies in US courts. These students are fighting visa revocations and detentions. They allege unfair targeting due to pro-Palestinian activism. Some students face deportation for minor infractions. Lawsuits claim the administration is discriminating against certain ethnic groups.
ED searches premises linked to Gensol, quizzes Puneet Jaggi
The Enforcement Directorate (ED) has launched searches related to Gensol Engineering, questioning co-founder Puneet Singh Jaggi over alleged forex violations stemming from a SEBI order. SEBI had previously banned Gensol's promoters, Anmol and Puneet Jaggi, from capital markets for suspected fund diversion and document falsification.
ED may probe Gensol Engineering under anti-money laundering law
The Enforcement Directorate (ED) is poised to investigate Gensol Engineering Ltd's promoters for alleged fund diversion and financial misconduct, following a SEBI report detailing violations and misuse of loan funds. The ED has also frozen additional shares linked to the Mahadev betting app scam, tracing them to a Dubai-based hawala operator.
Foreign students in America are terrified, and they're right to be
Under the Trump administration, international students and faculty in the U.S. are facing increased visa revocations and immigration status terminations, fueled by minor infractions and social media monitoring. This has created a climate of fear on campuses, threatening academic freedom and U.S. global leadership in higher education.
US court grants temporary relief to 133 international students after sudden SEVIS termination
A US court has provided temporary relief to 133 international students. These students faced abrupt termination of their SEVIS records. The court has directed the Department of Homeland Security to reinstate their records. The students had alleged unlawful terminations by DHS and ICE. They claimed violations under the Administrative Procedure Act.
Viral claim of owning a "Rs 50-crore dog" brings ED to Bengaluru man’s door: What they found could spark another viral story
The Enforcement Directorate (ED) investigated a man's claim of importing a Rs 50 crore dog, only to find it false. ED officials discovered the man had no financial capacity for such a purchase, and the dog actually belonged to his neighbor and was worth less than Rs 1 lakh.
Indian student & 3 others sue Trump administration over abrupt visa termination
Four international students, including Chinmay Deore from India, have filed a federal lawsuit against the US Department of Homeland Security (DHS), seeking to reinstate their F-1 student visa status, which was allegedly terminated without notice or valid reason. Represented by the ACLU of Michigan, the students argue they were not involved in any legal violations or protests and received no proper explanation for the visa cancellations.
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