Centre asks IAS, IPS, IFS officers to inform it about their stock market related transactions
New Delhi (PTI): The Centre has asked IAS, IPS and IFS officers to intimate it in case the total transactions in stock, share or other investments exceed their six months' basic pay during a calendar year, according to a latest order by the personnel ministry.
This intimation is in addition to similar information that needs to be shared by them under Rule 16 (4) of AIS or All India Services (Conduct) Rules, 1968.
These rules are applicable to the members of three All India Services -- Indian Administrative Service (IAS), Indian Police Service (IPS) and Indian Forest Service (IFS).
"...With a view to enable the administrative authorities to keep a watch over the transactions in any stock, share or other investments etc. in respect of members of All India Services (AIS), it has been decided that an intimation may be sent in the enclosed proforma to the prescribed authority every year, if the total transactions in stock, share or other investments etc. exceed six months' basic pay of government servant during a calendar year," said the order issued to secretaries of all central government ministries.
It referred to Rule 14 (1) of the conduct rules that says "no member of the service shall speculate in any stock, share or other investments but this provision will not apply to occasional investment made through stock-brokers or other persons duly authorised on licence under the relevant law".
The rule further explains that frequent purchase or sale or both of shares, securities or other investments is deemed to be speculation under the sub-rule.
The ministry, in its order dated March 20, further said that since share, securities, debentures, etc are treated as moveable property as per explanation-I under Rule 16 of AIS (Conduct) Rules, 1968, if an individual transaction exceeds two months' basic pay of the member of service as prescribed in Rule 16(4) of ibid rules, "intimation to the prescribed authority would still be necessary".
"Every member of the service shall intimate the government in respect of each transaction, whose value exceeds two months' basic pay of the member of service within a month of the completion of such transaction", reads Rule 16 (4).
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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.
