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Venezuela oil flows to India despite US crackdown

Venezuela is sending large volumes of crude oil to India again, with multiple supertankers heading towards Indian refineries, even as the United States steps up action against ships linked to the sanctioned trade.

The renewed flow signals a comeback for Venezuelan oil in India after years of disruption caused by US sanctions. Indian refiners, which had earlier reduced purchases, are now receiving cargoes through long-haul shipments routed via complex logistics networks. These cargoes are typically transported by very large crude carriers (VLCCs), allowing suppliers to move substantial volumes in a single voyage.

However, the trade faces growing scrutiny. In a recent enforcement move, US forces boarded a Venezuela-linked oil tanker in the Indian Ocean as part of Washington’s wider crackdown on what it calls illicit oil shipments. The operation reflects tighter monitoring of vessels suspected of helping Caracas bypass sanctions through opaque ownership structures, ship-to-ship transfers and disabled tracking systems.

The US has been targeting such networks since late 2025, warning that even international waters will not shield sanctioned cargoes from action. The move highlights the geopolitical risks surrounding the revived oil trade and could complicate logistics, insurance and payments for buyers.

For India, the return of Venezuelan crude offers an opportunity to diversify supplies and access heavier grades that are well-suited for complex refineries. It also helps processors optimise costs at a time of volatile global prices. But refiners remain cautious, as any tightening of enforcement could disrupt deliveries or raise compliance risks.

Venezuela, which holds some of the world’s largest oil reserves, has been trying to rebuild exports despite sanctions that have sharply curtailed its output and market access. India was once among its biggest customers, and the latest shipments suggest both sides are testing ways to restore that trade.

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US hits Indian solar imports with 126% duty

The United States has imposed a preliminary countervailing duty of up to 126% on solar cell imports from India, alleging that Indian manufacturers benefited from government subsidies that gave them an unfair pricing advantage in the American market.

The decision follows an investigation by the US Department of Commerce into whether Indian solar producers received financial support that allowed them to sell their products at lower prices than domestic manufacturers in the US. The probe found that multiple subsidy programmes, including incentives linked to manufacturing and export promotion, enabled Indian firms to undercut American competitors.

The duties are provisional and will be reviewed before a final determination is made. However, the move is expected to significantly impact Indian solar exports to the US, one of the key overseas markets for the country’s renewable energy equipment.

The tariff varies by company, with some exporters facing the full 126% levy. If confirmed in the final ruling, the measure could sharply reduce the price competitiveness of Indian solar cells and modules in the US market.

The development comes at a time when India and the US are engaged in negotiations to deepen trade ties, and it could become a contentious issue in bilateral discussions. Industry observers say the decision may disrupt supply chains and slow the growth of India’s solar manufacturing sector, which has been expanding under government-backed production-linked incentive (PLI) schemes.

Indian exporters have argued that the support they receive is aimed at building domestic manufacturing capacity and is consistent with global clean energy goals. They also point out that India is an important player in the global transition to renewable energy and that trade restrictions could raise costs for solar deployment.

The US International Trade Commission will now examine whether the imports have caused material injury to American manufacturers. A final decision on the duties is expected later this year.

Also Read: Rupee stands flat at 90.94 vs dollar

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Rupee stands flat at 90.94 vs dollar

Indian rupee moved in a narrow range and ended nearly unchanged at 90.94 against the US dollar on Wednesday, as early gains supported by a weaker greenback faded due to importer demand and caution in the market.

The local currency opened slightly higher in early trade, tracking a soft dollar and lower global crude oil prices. A fall in oil, a major component of India’s import bill,  typically supports the rupee by reducing demand for the US currency. However, dollar buying by importers, especially oil companies, erased most of the initial gains and kept the unit confined to a tight band.

Forex dealers said market participants are also factoring in the global uncertainty linked to the US tariff environment, which has been influencing currency movements worldwide. Concerns over trade measures and their impact on capital flows have kept traders from taking aggressive positions in emerging market currencies, including the rupee.

Another key factor limiting sharp movement is the expectation of Reserve Bank of India (RBI) intervention. The central bank has been actively managing volatility in the foreign exchange market, and its presence near crucial levels has prevented the rupee from strengthening or weakening sharply. This has led to a phase of consolidation over the past few sessions.

Foreign fund inflows and positive cues from other Asian currencies offered some support to the rupee, but mixed trends in domestic equities restricted further upside. Analysts said the currency is currently driven by balanced demand and supply for the dollar, resulting in range-bound trading.

Going ahead, the rupee’s direction will depend on the movement of the US dollar, crude oil prices, global trade developments, particularly tariff-related news, and the trend in foreign portfolio investments.

For now, the currency continues to hover near the 91 mark, reflecting a cautious market as traders await fresh global and domestic triggers while keeping a close watch on the RBI’s actions.

Also Read: Gold at ₹1.61 lakh, Silver near ₹2.85 lakh

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Gold at ₹1.61 lakh, Silver near ₹2.85 lakh

Gold prices in India rose further on Wednesday, February 25, 2026, with the precious metal holding above the ₹1.60-lakh mark, while silver traded close to ₹2.85 lakh per kilogram in the futures market. The gains were supported by firm global trends, a weaker rupee and continued safe-haven demand.

On the Multi Commodity Exchange (MCX), gold futures inched up by about ₹10 to trade around ₹1,61,790 per 10 grams, maintaining the strong levels seen earlier this week. In the physical market, retail prices also remained elevated across major cities. Silver futures, however, showed mild volatility and were last quoted at around ₹2,84,900 per kg, slightly lower by about ₹100 from the previous close.

In the domestic bullion market, 24-carat gold continued to trade at premium levels in key centres such as Delhi, Mumbai, Chennai, Kolkata and Bengaluru. The average retail price of 24K gold stayed above ₹1.61 lakh per 10 grams, while 22K gold hovered around ₹1.48 lakh. City-wise variations were marginal, reflecting a broadly uniform trend across the country.

The rise in gold prices is largely in line with firm international markets, where persistent geopolitical tensions and uncertainty over global trade policies have boosted demand for safe-haven assets. A softer rupee against the US dollar has further pushed up domestic bullion rates, making imports costlier and supporting local prices.

Silver, though slightly down in the day’s trade on MCX, continued to remain at historically high levels in the physical market, tracking strength in industrial demand and global price momentum.

Market experts say investors are increasingly turning to gold as a hedge against volatility in equities and currency movements. The sustained rally is also being closely watched by jewellers and retail buyers, as high prices may influence demand ahead of the upcoming wedding and festive season.

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Mis-selling a crime under BNS, FM tells banks

Finance Minister Nirmala Sitharaman has warned banks and financial institutions that mis-selling financial products is now a punishable offence under the Bharatiya Nyaya Sanhita, and asked them to return their focus to core banking activities instead of aggressively cross-selling third-party offerings.

Speaking at a meeting with bank chiefs, Sitharaman said customers must not be forced or misled into buying insurance, mutual funds or other investment products that do not match their needs. She stressed that such practices erode public trust in the banking system and will invite legal consequences under the new criminal law framework.

The minister made it clear that banks exist primarily to mobilise deposits and provide credit, and that these fundamental functions should not take a back seat to fee-based income from distribution of financial products. She urged lenders to strengthen their due diligence and ensure that products are sold only after proper assessment of a customer’s risk profile and financial goals.

The government’s message comes amid rising complaints from customers who say they were pressured into purchasing policies or investment schemes while availing loans or opening accounts. Officials noted that mis-selling not only harms consumers but also exposes banks to reputational and regulatory risks.

Sitharaman also asked bank managements to improve internal training and accountability so that frontline staff do not prioritise sales targets over customer interest. Senior executives were told to closely monitor sales practices and put in place transparent grievance redressal mechanisms.

The finance minister further emphasised the need for responsible growth in the financial sector, calling on banks to support productive sectors of the economy, improve credit flow and maintain strong asset quality.

Also Read: Gurugram tops Mumbai with ₹24,000 cr ultra-luxury home sales

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Gurugram tops Mumbai with ₹24,000 cr ultra-luxury home sales

Gurugram has overtaken Mumbai to become India’s largest market for ultra-luxury homes, signalling a major shift in the country’s high-end property landscape. Homes priced at ₹10 crore and above saw record sales in the NCR city in 2025, both in terms of value and the number of units sold.

According to a recent industry report, Gurugram registered sales of around 1,494 ultra-luxury homes worth more than ₹24,000 crore during the year. This pushed it ahead of Mumbai, which has traditionally dominated the premium housing segment. The sharp rise highlights growing demand for spacious, high-end homes among wealthy buyers, including top executives, entrepreneurs and non-resident Indians.

Real estate experts say the trend is being driven by several factors. Gurugram offers larger apartments and villas, modern gated communities, and newer projects with luxury amenities. Compared to Mumbai, buyers also get more space at a relatively lower price per square foot. Improved infrastructure, proximity to Delhi, and the presence of major corporate offices have further boosted the city’s appeal.

Developers have responded with branded residences, penthouses and high-rise luxury projects, many of which were sold even before completion. Strong interest from NRI investors and high-income professionals has helped maintain steady demand despite high property prices.

Mumbai, while moving to second place, continues to see strong traction in its premium micro-markets such as South Mumbai and parts of the western suburbs. However, limited land availability and higher costs have made large luxury developments more challenging compared to Gurugram.

The report notes that the overall ultra-luxury housing segment in India is expanding rapidly, reflecting rising wealth and a post-pandemic preference for bigger, more exclusive homes.

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Fraud proceedings against Anil Ambani get Bombay HC nod

The Bombay High Court has cleared the way for banks to move ahead with fraud proceedings against industrialist Anil Ambani in connection with loans taken by Reliance Communications (RCom), delivering a significant setback to the businessman.

In its ruling, the court rejected Ambani’s plea that sought to stop lenders from acting on the fraud classification of the loan account. The bench held that there was no valid reason to interfere at this stage and allowed the banks to continue their action in accordance with the law.

The case relates to loans extended to Reliance Communications, which later turned into non-performing assets. Banks had classified the account as “fraud” under the Reserve Bank of India’s guidelines and initiated steps against the company’s former director, Anil Ambani. Challenging this, Ambani had approached the High Court, arguing that the classification was unfair and that he was not given a proper opportunity to present his side.

However, the court observed that the principles of natural justice had been followed and that Ambani had already been granted opportunities for a hearing. It said the legal process could not be stalled merely on apprehensions and that the appropriate forum for raising detailed objections would be during the proceedings before the concerned authorities.

With the High Court refusing to grant relief, lenders are now free to continue with measures linked to the fraud tag, which could include further investigations and recovery actions as per regulatory norms.

The ruling is important because a fraud classification carries serious consequences, including restrictions on raising finance and potential legal action against the individuals involved.

Reliance Communications, once a major telecom player, has been undergoing insolvency proceedings after defaulting on massive debt. The latest court order adds another layer to the legal challenges faced by Anil Ambani, who has been contesting multiple claims from lenders over the past few years.

Also Read: EVs may lose zero-emission tag under CAFE-III

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EVs may lose zero-emission tag under CAFE-III

Electric vehicles in India may no longer be treated as “zero-emission” under the upcoming Corporate Average Fuel Efficiency (CAFE-III) norms, as the government considers a new method to measure their environmental impact.

At present, EVs are classified as zero-emission because they do not produce exhaust fumes. However, officials are now discussing whether they should be evaluated based on how much energy they consume and how that electricity is generated. This means emissions from power production used to charge EVs could also be taken into account.

The issue has reached the Prime Minister’s Office, which has stepped in to review the proposal after differences emerged between government departments and concerns were raised by the auto industry.

The new CAFE-III norms, expected to be implemented from 2027, will set stricter fuel-efficiency and carbon-emission targets for passenger vehicles. The aim is to push carmakers to improve overall efficiency across their vehicle fleets.

Some officials believe removing the zero-emission tag will create a fair and technology-neutral system that rewards real efficiency, whether the vehicle runs on petrol, diesel, hybrid or electric power. Others worry that such a move could slow down EV adoption by weakening the strong policy support the sector currently enjoys.

Automakers are also seeking clarity, as any major change in the rules could affect their future investments and product plans in the fast-growing electric-vehicle market.

The government is now looking for a balanced approach that supports India’s clean-mobility goals while ensuring the new norms are based on a more realistic assessment of emissions.

If the proposal is approved, EV makers will have to focus not only on selling electric cars but also on improving their energy efficiency.

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Gold up at ₹1.61 lakh, Silver tops ₹3 lakh

Gold prices moved up slightly in the domestic market on Monday, while silver also recorded a notable increase, tracking firm global trends and continued investor demand for safe-haven assets.

According to market data, gold climbed by about ₹10 to ₹1,61,360 per 10 grams in the national capital. In the previous session, the precious metal had closed at ₹1,61,350 per 10 grams.

Silver prices rose by ₹100 to ₹3,00,100 per kilogram, compared with the earlier close of ₹3,00,000 per kg.

In the futures market on the Multi Commodity Exchange (MCX), both metals showed a positive trend due to fresh buying by traders. Analysts said the rise was mainly supported by global factors, including firm international prices and steady demand for bullion as a hedge against economic uncertainty.

In the international market, gold traded higher, while silver also gained, reflecting strong investor interest. A weaker dollar and concerns over global economic conditions further supported the uptrend in precious metals.

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₹5.16 cr toll refund for Mumbai–Pune Expressway motorists

Around one lakh motorists stranded in the massive traffic jam on the Mumbai–Pune Expressway earlier this month will receive a total toll refund of ₹5.16 crore, the Maharashtra State Road Development Corporation (MSRDC) has said. The amount will be credited directly to the FASTag accounts of the affected commuters.

The unprecedented congestion was caused on February 3 after a gas tanker overturned near the Khopoli stretch, severely disrupting traffic movement on one of the country’s busiest highways. The accident led to a standstill that lasted for nearly 33 hours, with vehicles stuck in long queues for several kilometres. Thousands of passengers, including families and elderly travellers, were left stranded on the road without access to food, water or medical help for hours.

Authorities had ordered the suspension of toll collection soon after the scale of the disruption became clear. However, toll charges continued to be deducted automatically from several FASTag accounts before the system was fully halted. Following complaints from commuters, MSRDC reviewed the transactions and decided to refund the entire amount collected during the period of the traffic blockade.

Officials said detailed FASTag data is being examined to identify every vehicle that was charged despite the toll suspension. The refund will apply to toll collected at both ends of the expressway during the disruption. The toll operator has been directed to complete the reconciliation process and ensure the money is returned to commuters at the earliest.

The Mumbai–Pune Expressway is a crucial link between the two cities and handles heavy daily traffic. The incident triggered public anger over the toll collection during a prolonged highway closure. The refund decision is expected to provide relief to affected motorists and address concerns over automated toll deductions during emergencies.

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