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India lifts gas supply curbs as LNG shipments through Strait of Hormuz resume
The Centre has withdrawn the March 2026 order that regulated natural gas supplies following disruptions caused by the West Asia conflict. The restrictions were imposed after LNG shipments through the Strait of Hormuz were disrupted, affecting nearly half of India’s LNG consumption.
In a gazette notification issued on July 4, the government said suppliers had invoked force majeure due to the conflict, necessitating the diversion of natural gas to priority sectors. To ensure equitable distribution and adequate availability, the Centre had regulated production, allocation and consumption of natural gas. With LNG shipments resuming, the emergency curbs have now been lifted.
Monsoon gains strength as first Bay of Bengal depression forms
The southwest monsoon has intensified with the season’s first depression forming over the north-west Bay of Bengal.
According to the India Meteorological Department, the system is expected to bring heavy to very heavy rainfall across Odisha, West Bengal and adjoining Chhattisgarh before extending its influence into Central, Western and North-West India. The depression is likely to cross the north Odisha coast near Balasore on Monday.
The IMD said the slow-moving system will continue drawing moisture from the Bay of Bengal, sustaining widespread rainfall activity through the week.
Centre cancels auction of 9 critical mineral blocks
The government has cancelled the auction of nine critical and strategic mineral blocks in the seventh round of auctions, citing poor investor response and a lack of qualified bidders.
The move is a setback to India’s efforts to boost domestic exploration and production of minerals crucial for energy security, clean-tech manufacturing and reducing import dependence. The development also highlights the challenges of attracting private investment into high-risk mineral assets that involve technical complexity, significant capital expenditure and regulatory uncertainties.
The latest cancellations add to a series of similar withdrawals in previous rounds of critical mineral auctions.
Aircraft and ship lease payments to IFSC units exempt from TDS
In a move aimed at improving ease of doing business, the Finance Ministry has exempted lease rentals and supplemental lease rentals paid to eligible International Financial Services Centre (IFSC) aircraft and ship leasing units from tax deduction at source (TDS).
Industry experts say the exemption will help reduce cash-flow blockages, lower compliance costs, minimise refund claims and simplify reconciliation processes. The measure is expected to strengthen India’s IFSC-based leasing ecosystem and support growth in both aviation and maritime leasing activities.
(Research and VO: Siddharth Mathew Cherian)
Published on July 6, 2026
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