CBI questions Chidambaram for over four hours in INX Media case
New Delhi, June 6: Former Union Finance Minister P. Chidambaram was on Wednesday questioned for over four hours by the CBI in connection with the INX Media corruption case.
After the questioning by a special CBI Economic Offences Wing team, the senior Congress leader reiterated that the FIR contains no allegations against him.
The Central Bureau of Investigation said Chidambaram appeared at its headquarters here around 11 a.m. and left around 4.50 p.m.
Chidambaram was questioned till 1.30 p.m., after which he was allowed to step out for lunch. The questioning resumed at 3.30 p.m. and continued till around 4.45 p.m.
After leaving the CBI headquarters, Chidambaram tweeted: "Appeared before the CBI. The FIR contains no allegations against me.
"Questions and answers were based on the files of FIPB. Hence, there was little to add to the record," he said.
According to the agency officials, the former Minister was quizzed about his alleged role in the grant of Foreign Investment Promotion Board (FIPB) approval to INX Media in 2007.
The INX Media company was promoted by former media baron Peter Mukerjea and his wife Indrani Mukerjea, now in jail in connection with the murder of their daughter Sheena Bora.
A CBI official said the agency will analyse the Congress leader's statement and, if required, he will be again asked to join the investigation.
The Congress leader was summoned by the agency officials under Section 41(a) of the Code of Criminal Procedure.
The CBI first issued the summons to Chidambaram on June 1, asking him to appear before it the next day, but he skipped questioning after the Delhi High Court on May 31 granted him interim protection against arrest till July 3 in the INX Media case.
According to the CBI officials, it has prepared a set of questions to seek clarifications from the former Minister pertaining to a money laundering case registered in 2017 against Chidambaram's son Karti Chidambaram.
The CBI had on May 15, 2017 filed an FIR, accusing Chidambaram, Karti and others of involvement in irregularities in giving INX Media the FIPB clearance to receive Rs 305 crore in foreign investment.
The CBI had on February 28 arrested Karti, accusing him of taking money to facilitate the FIPB clearance to INX Media in 2007 when his father was the Finance Minister. Later, he got bail.
The CBI initially alleged that Karti received Rs 10 lakh as bribe for facilitating the FIPB clearance but the figure was subsequently revised to about $1 million or Rs 6.5 crore at the current exchange rate.
On Tuesday, the former Minister was questioned by the Enforcement Directorate for over five hours.
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India proposes preferential trade agreement with Mexico to deal with high tariffs
New Delhi (PTI): India has proposed a preferential trade agreement (PTA) with Mexico to help domestic exporters deal with the steep tariffs announced by the South American country, a top government official said on Monday.
Mexico has decided to impose steep import tariffs - ranging from about 5 per cent to as high as 50 per cent on a wide range of goods (about 1,463 tariff lines) from countries that do not have free trade agreements with Mexico, including India, China, South Korea, Thailand and Indonesia.
Commerce Secretary Rajesh Agrawal said that India has engaged with the country on the issue.
"Technical level talks are on...The only fast way forward is to try to get a preferential trade agreement (PTA) because an FTA (free trade agreement) will take a lot of time. So we are trying to see what can be a good way forward," he told reporters here.
While in an FTA two trading partners either significantly reduce or eliminate import duties on maximum number of goods traded between them, in a PTA, duties are cut or removed on a limited number of products.
Trading partners of Mexico cannot file a compliant against the decision on imposing high tariffs as they are WTO (World Trade Organisation) compatible.
The duties are within their bound rates, he said, adding that their primary target was not India.
"We have proposed a PTA because its a WTO-compatible way forward... we can do a PTA and try to get concessions that are required for Indian supply chains and similarly offer them concessions where they have export interests in India," Agrawal said.
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Citing support for local production and correction of trade imbalances, Mexico has approved an increase in MFN (most favoured nation) import tariffs (5-50 per cent) with effect from January 1, 2026 on 1,455 tariff lines (or product categories) within the WTO framework, targeting non-FTA partners.
Preliminary estimates suggest that this affects India's around USD 2 billion exports to Mexico particularly -- automobile, two-wheelers, auto parts, textiles, iron and steel, plastics, leather and footwear.
The measure is also aimed at curbing Chinese imports.
India-Mexico merchandise trade totalled USD 8.74 billion in 2024, with exports USD 5.73 billion, imports USD 3.01 billion, and a trade surplus of USD 2.72 billion.
The government has been continuously and comprehensively assessing Mexico's tariff revisions since the issue emerged, engaging stakeholders, safeguarding the interests of Indian exporters, and pursuing constructive dialogue to ensure a stable trade environment benefiting businesses and consumers in both countries.
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Federation of Indian Export Organisations (FIEO) Director General Ajay Sahai has said that Mexico's decision is a matter of concern, particularly for sectors like automobiles and auto components, machinery, electrical and electronics, organic chemicals, pharmaceuticals, textiles, and plastics.
"Such steep duties will erode our competitiveness and risk, disrupting supply chains that have taken years to develop," Sahai said, adding that this development also underlines the little urgency for India and Mexico to fast-track a comprehensive trade agreement.
Domestic auto component manufacturers will face enhanced cost pressures with Mexico hiking duties on Indian imports, according to industry body ACMA.
