The exact size of any potential refund remains uncertain. (AI image)

The Donald Trump administration may go ahead and refund India for small amounts of penalties it may have collected for the 25% tariff related to imports of Russian crude oil. The US could return a portion of the penalty levied on India for importing Russian crude oil in cases where the shipments were after February 7, the date on which President Donald Trump’s executive order removing the additional 25% duty on Indian imports related to such purchases came into effect.The exact size of any potential refund remains uncertain. One person familiar with the matter told ET that the refund would apply only to a limited number of transactions where tariffs may have already been collected before the order became effective, even though the actual imports happened after midnight on February 7. This is a transitional arrangement rather than a broader policy change.

On Saturday, India and the United States announced an interim trade framework that reduced tariffs on Indian exports to the US to 18%. The arrangement is intended to pave the way for a bilateral trade agreement, with the interim deal addressing tariff reductions and non-tariff barriers, while a wider legally binding agreement is expected to cover goods, supply chains and digital trade.Separately, through another executive order, the US scrapped the additional 25% tariffs imposed on India over purchases of Russian oil from February 7 onward, while adding that it would continue to observe whether India resumes direct or indirect imports of Russian crude.In an executive order issued on February 6, the Trump administration said that Indian goods entering the US for consumption, or released from warehouses for consumption, on or after 12:01 a.m. Eastern Standard Time on February 7, 2026, would no longer be subject to the additional 25% ad valorem duty previously imposed.The order also clarified that if its implementation results in duties having been collected that must be returned, such refunds would be handled in accordance with applicable laws and the established procedures followed by US Customs and Border Protection.The reciprocal tariff rate is expected to be lowered to 18% from 25% once a related executive order is formally issued by the US.Another person familiar with the matter noted that the executive order does not indicate any retrospective application, adding that the final trade agreement is likely to include provisions dealing with dispute resolution at a later stage.Ajay Sahai, director general of the Federation of Indian Export Organisations, said the executive order removing the additional tariff refers to provisions allowing refunds for duties collected while the higher levy was in force. However, he pointed out that the detailed legal and procedural framework for claiming such refunds has not yet been fully clarified. According to him, while the US intends to permit refunds for duties collected during that period, uncertainty over the process and timelines has created concern among exporters.A trade expert explained that the withdrawal of duties applies only prospectively, meaning it covers Indian goods entering the United States from 12:01 a.m. EST on February 7 onward. In certain cases where duties were imposed even after the order took effect, those amounts may be eligible for refund to importers.

Glimpse from video shared by Kiren Rijiju

NEW DELHI: Union parliamentary affairs minister Kiren Rijiju on Tuesday released a video of the February 4 Lok Sabha proceedings, alleging that Congress MPs created a situation that forced Prime Minister Narendra Modi to skip his scheduled reply to the President’s Address.Sharing the footage on X, Rijiju claimed the video showed Congress women MPs crossing over to the treasury benches, holding banners and placards, and surrounding the Prime Minister’s seat.

“Congress Party is proud of the most degrading behaviour by their MPs! If we had not stopped all the BJP MPs and allowed the women MPs to confront Cong MPs, it would have led to a very ugly scene,” Rijiju wrote on X.

He also alleged that BJP MPs had to be restrained to avoid a confrontation inside the House.“We had to control our BJP NDA MPs. BJP women MPs were very agitated at this behaviour of the Congress MPs. We stopped our MPs from physical confrontation. Then these MPs went to the Speaker’s Chamber and threatened the Speaker. The BJP women MPs have lodged a complaint. Let us see how the Speaker takes action and the steps he takes forward,” Rijiju said.The minister also reposted another video shared by the Congress, which showed Speaker Om Birla saying that he had requested the Prime Minister not to attend the House after receiving inputs that some Opposition MPs might approach his seat and create an “unprecedented incident.”“We have very high consideration to protect the dignity and sanctity of the Parliament,” Rijiju added.The controversy dates back to February 4, when Prime Minister Modi was scheduled to reply to the Motion of Thanks to the President’s Address. However, the address was cancelled after Speaker Birla stated that he had received “concrete information” suggesting that certain Congress MPs might attempt to disrupt the proceedings.Reacting to the video, Congress MP Varsha Gaikwad dismissed the “baseless allegations” and questioned whether there is anything wrong with “holding a banner.”“Wasn’t Kiren Rijiju present in the House that day? What is new in the video? Didn’t he see the video already? Baseless allegations are being put on us… We didn’t go to assault anyone; we were just holding a banner. He (PM Modi) got scared because of a banner. He got scared of taking a book. He doesn’t want to talk about tariffs or China,” she said while speaking to news agency ANI.On Monday, Congress women MPs wrote to Birla strongly objecting to what they called “grave allegations” that they had threatened or attempted to obstruct the Prime Minister inside the House.Rejecting the claims, Congress leaders said the Prime Minister avoided the House because he was “too scared to speak.”The issue escalated further on Tuesday when BJP women MPs wrote to the Speaker backing Birla and accusing Opposition members of unruly conduct. In their letter, the BJP MPs alleged that Congress women MPs had entered the Well of the House, thrown papers towards the Chair, and later surrounded the Prime Minister’s seat.They urged Birla to take “the strongest possible action” against those involved.The BJP letter came as a counter to the Congress MPs’ communication accusing the Speaker of making “false, baseless, and defamatory” claims under pressure from the ruling party.Meanwhile, opposition leaders are planning to submit a notice seeking a resolution to remove the Lok Sabha Speaker from office.

MUMBAI: Maharashtra deputy chief Minister Sunetra Pawar on Tuesday assumed charge at the state secretariat, Mantralaya, 13 days after the death of her husband and deputy CM Ajit Pawar.She was accompanied by senior Nationalist Congress Party (NCP) leaders and her elder son, Parth Pawar, as she took her seat in the deputy chief minister’s office, marking a poignant moment in the state’s political landscape.

Senior NCP leaders, including Praful Patel, Sunil Tatkare, Chhagan Bhujbal and Dhananjay Munde, were present on the occasion.Sunetra Pawar will attend the cabinet meeting scheduled on Tuesday, the first to be held since Ajit Pawar’s death.She will also participate in the business advisory committee meeting for the February 23 budget session.NCP leader Ajit Pawar was killed in a plane crash at Baramati in Pune district on January 28.Sunetra Pawar took oath as the state’s first woman deputy chief minister on January 31. She has been allotted the excise, sports, minority welfare and wakf departments, and has also been appointed guardian minister of Beed and Pune.She arrived in Mumbai from Pune early on Tuesday and offered prayers at the Siddhivinayak temple and at B R Ambedkar’s memorial, Chaityabhoomi, in the Dadar area.Accompanied by her elder son, the deputy chief minister later visited the NCP office, where she met party MLAs and ministers, before proceeding to the Mantralaya.In the first election held on February 7 after the death of Ajit Pawar, his party retained the Pune Zilla Parishad by securing 51 of 73 seats, as per the results declared on Monday. The NCP and Sharad Pawar’s NCP (SP) had contested together on the ‘clock’ symbol. (With agency inputs)

NEW DELHI: The Supreme Court on Monday extended the deadline for scrutiny of claims and objections under the special intensive revision (SIR) of electoral rolls in West Bengal and sought a personal affidavit from the state’s director general of police over allegations of threats, violence and obstruction faced by election officials during the exercise. A bench comprising Chief Justice Surya Kant and Justices Joymalya Bagchi and N V Anjaria directed that the scrutiny of documents and objections be extended by at least one week beyond February 14, the scheduled date for publication of the final electoral roll, citing the time required to examine claims.

The court also made it clear that it would not allow any disruption of the SIR process. “We will not allow anyone to create any impediment in the SIR exercise. It must be clear to the states,” the CJI said, while hearing a batch of petitions, including one filed by West Bengal chief minister Mamata Banerjee.

Final authority rests with EROs, micro-observers only to assist

Clarifying a key point of contention, the bench reiterated that final decisions on claims and objections can be taken only by Electoral Registration Officers (EROs), and that micro-observers appointed by the Election Commission (EC) have only an assisting role.“The responsibility already assigned to micro-observers shall be only to assist the DEO/EROs. In other words, the final decision will be taken by the EROs only,” the court said. The bench also clarified that EROs are duty-bound to consider objections as per the statutory scheme, whether or not the objector appears for a personal hearing, and that the genuineness of documents may be verified independently.

State to deploy Group B officers, ECI to decide suitability

To streamline the process, the court directed the West Bengal government to ensure that all 8,550 Group B officers, whose list was submitted during the hearing, report to district collectors or EROs by Tuesday evening.From this pool, the ECI may shortlist officers equivalent to the number of micro-observers already engaged, after assessing their bio-data and work experience, and provide them brief training. The court said the manner of their deployment and work profile would be decided by the poll panel, which would also be free to replace officers found not performing their duties.

Notice to DGP over violence, burning of notices

Taking note of the ECI’s affidavit alleging intimidation, hostility and burning of notices by miscreants, the bench issued notice to the West Bengal DGP, directing him to file a personal affidavit.The court noted the ECI’s submission that despite repeated complaints, no FIRs had been registered in connection with alleged violence and mass burning of Form 7 objections. It also recalled its January 19 order directing the DGP to ensure maintenance of law and order during the SIR exercise.“A message must go that the Constitution of India applies to all states,” solicitor general Tushar Mehta, appearing for the Centre, submitted.

‘No mass exclusion’, says court during Banerjee hearing

During the hearing, senior advocate Shyam Divan, appearing for Banerjee, raised apprehensions about the appointment of micro-observers from outside the state and the possibility of “mass exclusion” of eligible voters.“We don’t want any mass exclusion,” Divan told the bench.The court took note of these concerns while clarifying that the statutory authority to decide claims vests only with EROs.The bench was hearing a clutch of petitions filed by Trinamool Congress leaders and others challenging the conduct of the SIR in West Bengal, along with petitions by Sanatani Sangsad, poet Joy Goswami and others. While Banerjee’s plea questions the ECI’s categorisation of voters under a “logical discrepancy” category, Sanatani Sangsad has sought protection for election officials and deployment of state police under ECI control.Last week, Banerjee appeared in person before the Supreme Court, alleging that West Bengal was being targeted ahead of the assembly elections and raising concerns over minor name mismatches arising from translation from Bengali and local dialects.(With inputs from PTI and Live Law)

The Board of Control for Cricket in India (BCCI) recently announced the central contract list for the 2025–26 season, ushering in a clear shift in hierarchy within Indian cricket. The updated retainer list has placed senior stalwarts Rohit Sharma and Virat Kohli in Grade B, while Shubman Gill has been elevated to the top Grade A bracket, signalling the board’s growing focus on the next generation.

A+ category scrapped as BCCI reshapes contract structure

In a major structural change, the BCCI has discontinued the A+ category for the upcoming season. With only three brackets now in place — Grade A, B, and C — the revised system reflects a more streamlined evaluation based on recent performances, workload, and long-term planning.

The highest Grade A contract has been awarded to Gill, Jasprit Bumrah, and Ravindra Jadeja, underlining their importance across formats and their consistent influence in high-pressure situations.

Virat Kohli and Rohit Sharma demoted to Grade B

The placement of Rohit and Kohli in Grade B has naturally drawn attention, considering their stature and long-standing legacy in Indian cricket. However, the decision was largely expected, with both stalwarts now active primarily in the ODI format after stepping away from other international commitments. While they continue to be influential figures within the setup, the move reflects the BCCI’s intent to align contract grades with format availability, workload management, and the team’s evolving long-term vision.

They are joined in Grade B by the likes of  KL Rahul, Hardik Pandya, Rishabh Pant, Suryakumar Yadav, Shreyas Iyer, and other stars, who have earned a promotion after a solid run.

Also READ: Are Virat Kohli and Gautam Gambhir in conflict mode? BCCI secretary gives direct clarification

Mohammed Shami, Ishan Kishan miss out

One of the biggest shocks from the list was the omission of Mohammed Shami, who was part of Grade A last season but now finds himself without a central contract. Injuries and limited appearances appear to have played a role in the decision. Meanwhile, Axar Patel has been pushed down from Grade B to Grade C after an inconsistent year. Further, the likes of Ishan Kishan, Sarfaraz Khan, Rajat Patidar, and Mukesh Kumar have also missed out entirely.

BCCI central contract list 2025–26

• Grade A: Shubman Gill, Jasprit Bumrah, Ravindra Jadeja
• Grade B: Virat Kohli, Rohit Sharma, Washington Sundar, KL Rahul, Mohammed Siraj, Hardik Pandya, Rishabh Pant, Kuldeep Yadav, Yashasvi Jaiswal, Suryakumar Yadav, Shreyas Iyer
• Grade C: Axar Patel, Tilak Varma, Rinku Singh, Shivam Dube, Sanju Samson, Arshdeep Singh, Prasidh Krishna, Akash Deep, Dhruv Jurel, Harshit Rana, Varun Chakaravarthy, Nitish Kumar Reddy, Abhishek Sharma, Sai Sudharsan, Ravi Bishnoi, Ruturaj Gaikwad

Also READ: ICC confirms whether Pakistan will play against India in T20 World Cup 2026

Google parent Alphabet is selling a rare 100-year bond in British pounds as part of a massive multi-currency debt raise, making it the first tech company to attempt a century bond since IBM did it back in 1996.The so-called century bond will be part of Alphabet’s debut sterling issuance, according to the Financial Times. Alongside it, the company is raising $20 billion through a US dollar bond sale—upsized from the originally planned $15 billion after orders crossed $100 billion, Bloomberg reported. A Swiss franc bond sale is also in the works.The dollar portion of the deal spans up to seven tranches. Its longest slice—a 40-year bond maturing in 2066—is expected to price at around 0.95 percentage points above US Treasuries, tighter than the initial talk of 1.2 percentage points. Demand was strongest at the short end, with a three-year tranche pricing at just 0.27 percentage points over Treasuries.

Why Alphabet is borrowing across currencies and continents

A banker close to the deal told FT that issuing across multiple currencies helps Alphabet diversify its investor base, especially as Big Tech’s capital needs keep ballooning. Sticking to dollar markets alone could create a supply-demand imbalance, the banker noted. Sterling markets also offer a lower interest rate compared to dollar bonds, making the century bond more cost-effective.The borrowing spree comes just days after Alphabet said it could spend up to $185 billion on capex this year—roughly double last year’s total—to fuel its AI ambitions around Gemini and cloud infrastructure. The company’s long-term debt has already quadrupled to $46.5 billion in 2025, though it still sits on $126.8 billion in cash.

A record year for Big Tech debt is just getting started

Alphabet isn’t alone. Oracle raised $25 billion from a bond sale last week that pulled in a record $129 billion in orders. Morgan Stanley expects hyperscalers to borrow $400 billion this year, up from $165 billion in 2025, according to Bloomberg—a surge that could push overall high-grade US corporate bond issuance to a record $2.25 trillion.Bank of America, Goldman Sachs and JPMorgan are managing Alphabet’s bond sales across all three currencies.

File photo of Rahul Gandhi

NEW DELHI: Leader of opposition in the Lok Sabha Rahul Gandhi on Tuesday reacted to the FIR filed by Delhi Police over the alleged circulation of former Army chief General Manoj Mukund Naravane’s “unpublished memoir” and to the clarification issued by its publisher, Penguin Random House India.Speaking to reporters, Rahul questioned Penguin’s claim that the book had not been published and suggested there were contradictions between the publisher’s stand and statements made earlier by General Naravane.“Here is a tweet from Mr Naravane which says – ‘Just follow the link to my book’,” Gandhi said.“The point I am making is – either Mr Naravane is lying or it is Penguin which is lying. I don’t think the former Army chief will lie,” he added.Gandhi argued that despite Penguin’s assertion that the memoir had not been released, it appeared to have been publicly promoted in the past.“Penguin says the book has not been published. But the book is available on Amazon. Gen. Naravane has tweeted, ‘Please buy my book in 2023.’ I believe Naravane ji over Penguin. Do you believe Penguin over Naravane ji?” he asked.The Congress leader alleged that the contents of the memoir might be the reason behind the current row.“I believe Naravane ji has made certain statements in his book which are inconvenient for the government of India and the Prime Minister of India. Obviously, you have to decide if Penguin or the former Army chief is telling the truth,” Gandhi said.His remarks came a day after Penguin Random House India (PRHI) issued a statement asserting that it holds exclusive publishing rights to the memoir Four Stars of Destiny and that the book has not yet been officially released.“Penguin Random House India would like to clarify that we hold the sole publishing rights for the book ‘Four Stars of Destiny’, a memoir by General Manoj Mukund Naravane, former Chief of the Indian Army. We wish to make it clear that the book has not gone into publication,” the publisher said.The company further stated that no copies of the book had been made available in any format. Penguin warned that any version of the memoir currently in circulation would amount to copyright infringement.“Any copies of the book currently in circulation, in whole or in part, whether in print, digital, PDF, or any other format, online or offline, on any platform, constitutes an infringement of PRHI’s copyright and must immediately be ceased,” it said, adding that legal action would be pursued against unauthorised dissemination.Earlier, Delhi Police registered an FIR and tasked its Special Cell with investigating the alleged leak or circulation of the manuscript in digital and other formats.The issue first surfaced last week when Gandhi was seen holding up what he claimed was a copy of the memoir in the Parliament complex. He sought to cite excerpts from the book in the Lok Sabha from February 2 onward but was prevented from doing so on the grounds that it had not yet been officially published.