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JoSAA mock seat allotment 2026 released

The Joint Seat Allocation Authority (JoSAA) has released the first mock seat allocation for the 2026 counselling process, giving engineering aspirants an early indication of the institutes and courses they may secure based on their current choices and rank positions.Candidates who have registered for JoSAA Counselling 2026 and filled in their programme and institute preferences can now check their provisional allotment through the official JoSAA portal.The mock allocation is designed to help students understand their likely admission prospects and make informed changes to their choices before the actual seat allocation rounds begin.What Is the JoSAA Mock Seat Allocation?The first mock seat allocation is a provisional exercise conducted by JoSAA before the commencement of the official counselling rounds.The allocation has been prepared using the choices submitted by candidates up to 8 PM on 7 June 2026. It reflects the seat a candidate could potentially receive if the counselling process were to conclude based on the current preference order and rank position.Importantly, the mock allocation is not the final seat allotment. Candidates can still modify, reorder, add or remove choices before the counselling deadline.How to Check JoSAA First Mock Seat Allocation 2026Candidates can follow these steps to view their provisional allotment:Step 1Visit the official JoSAA website.Step 2Click on the link for the First Mock Seat Allocation 2026.Step 3Log in using your application credentials.Step 4Submit the required details.Step 5View your provisional seat allocation status.Step 6Download and save the allotment details for future reference.Step 7Take a printout if required.Why the Mock Allocation Is ImportantThe mock seat allocation serves as a valuable planning tool for candidates.By reviewing the provisional allotment, students can assess whether their preferred colleges and branches are within reach. If they are dissatisfied with the outcome, they can revise their choices strategically before the final seat allocation rounds.This process often helps candidates improve their chances of securing a more desirable institute or academic programme.JoSAA 2026 First Round Seat Allotment DateJoSAA is scheduled to announce the first round of seat allocation on 13 June 2026.Candidates who are allotted seats in the first round will be required to complete several admission-related formalities, including:Online reportingDocument uploadVerification processSeat acceptance proceduresAdmission fee paymentThe deadline for fee payment in the first round is 26 June 2026.JoSAA Counselling 2026: Participating InstitutesThe JoSAA counselling process will facilitate admissions to 138 premier technical institutions across India for the 2026-27 academic session.These include:23 Indian Institutes of Technology (IITs)Indian Institute of Science (IISc), Bengaluru31 National Institutes of Technology (NITs)Indian Institute of Engineering Science and Technology (IIEST), Shibpur26 Indian Institutes of Information Technology (IIITs)56 Other Government-Funded Technical Institutes (GFTIs)The counselling process remains one of the largest and most important admission exercises for engineering aspirants in the country.Reservation Categories in JoSAA CounsellingSeats across participating institutions are allocated under various reservation categories, including:Open CategoryGEN-EWS (Economically Weaker Sections)OBC-NCL (Other Backward Classes – Non-Creamy Layer)Scheduled Castes (SC)Scheduled Tribes (ST)Persons with Disabilities (PwD) categoriesCandidates are advised to carefully review category-specific eligibility and seat availability during the counselling process.JEE Main and JEE Advanced Ranks Used for AdmissionsJoSAA uses different entrance examination ranks depending on the participating institution.Admissions to IITs and IISc BengaluruAdmissions are based on ranks secured in JEE Advanced 2026.Admissions to NITs, IIITs and GFTIsAdmissions are based on ranks obtained in JEE Main 2026.Candidates must ensure that their rank details and category information are correctly reflected in the counselling portal.What Should Candidates Do Next?Students should carefully review their first mock allocation and compare it with their desired institute and branch preferences.If necessary, they can modify their choices before the final counselling rounds begin. With the first round of seat allocation scheduled for 13 June, aspirants now have a valuable opportunity to fine-tune their choices and maximise their chances of securing admission to their preferred engineering institute.

Trump: Netanyahu must accept Iran deal

Retail investors can play on as AMCs cap gold bets

Wealth managers believe retail investors in gold mutual fund schemes will not be affected, after three large asset management companies announced restrictions on purchase of large quantities of gold by investors.Three AMCs namely HDFC MF, ICICI Prudential MF and Nippon Life India AMC have announced temporary restrictions on their gold schemes. All three AMCs announced subscription transactions of large investors who directly transact with them and invest a minimum of 25 crore will not be accepted. In addition, in the case of both HDFC Gold ETF FoF and Nippon India Gold Savings Fund, lump sum purchases will be restricted to a limit of 10 lakh per month. Also for Nippon India Gold Savings Fund, SIPs or STPs will continue with a limit of 50,000 per investor per day.“Restrictions will apply only to large investors, while AMCs will continue to create units for market makers, without any restrictions,” said a ETF head at a domestic fund house. As units are created, there will be enough liquidity available to investors who can buy and sell these units at prevailing market prices.Wealth managers believe the current move by fund houses is in line with the prime minister's message to reduce overall imports.“This is an attempt to slow down purchase of gold and reduce pressure in imports, after the strong inflows into the yellow metal over the last one year,” says Saket Kumar, Co-Founder, ETF Junction.Gold has been one of the best performing assets in recent times, and saw a sharp run up returning 56.08% in the last one year, while over a three year period it returned an annualized 35.89%. However over the last three months it lost 3.59%.“With prices stabilizing over the last three months, there is no longer a frenzy to buy gold. Most investors now allocate 5-10% to the yellow metal in line with their asset allocation largely through SIPs,” says Nikhil Gupta, Founder, Sage Capital.Gold ETFs saw net sales of 71,914 crore in the last 12 months and mutual funds now managed gold assets worth 1.78 lakh crore as of April 30, 2026, a rise of 290% in the last 1 year.

DMK rules out alliance with Congress

Pudukkottai (Tamil Nadu): Ruling out any future patch-up with the Congress, senior DMK leader R S Bharathi on Sunday launched a scathing attack on the national party, comparing its exit from the alliance to "adultery" and said that the Dravidian major will never welcome back defectors."We are not there in an alliance where Congress is present. I am clarifying that," Bharathi said.Addressing reporters here, Bharathi also issued a fierce electoral challenge to rivals, daring them to win a single mayor seat in the upcoming local body polls, and demanded the elections be held as early as January."In local body elections, people vote only for meritorious candidates. I challenge them: let elections be conducted in six months, say in January. If you can win even a single Mayor post, I will accept your strength. Are Annamalai and others ready to accept this challenge?" Bharathi asked.Also read | The safe keepers: Inside India's booming locker economyAsked about Congress leader Manickam Tagore's critical remarks regarding the DMK's performance and alliance dynamics, Bharathi advised Tagore to self-reflect on his own victory first.Using sharp analogies to describe the split, the senior DMK leader stated that while some separations happen by mutual consent, this breakdown was akin to a partner engaging in a "clandestine relationship"."No one lives with a wife who runs away. There is no longer any political ties or relationship with them. Even if the DMK leadership decides otherwise, the grassroots party cadres will never accept Congress back into the fold," Bharathi said.He added that despite the current political landscape, the DMK remains ideologically uncompromised and firmly ruled out ever aligning with the BJP in the future.Taking a swipe at politicians frequently switching allegiances, Bharathi noted that the "Aya Ram Gaya Ram" culture, which historically plagued northern states like Haryana, is now showing its face in Tamil Nadu.Also read | Indian tourists go viral for all wrong reasons. Here's how not to become the next horror storyTargeting former AIADMK leaders and other politicians defecting to the BJP and newly formed parties, Bharathi said, "People who shift from one party to another for positions will not last long. If the government falls in six months, they will all come running back to square one".Downplaying the recent electoral gains of actor-turned-politician Vijay's TVK, Bharathi characterised the victory a "jackpot lottery ticket" rather than an endorsement of ideology. He noted that TVK only secured a 35 per cent vote share, meaning 65 per cent of the electorate voted against them."People voted simply looking at a face and due to social media campaigns on Instagram. Voters don't even know who their local MLAs or ministers are," Bharathi claimed, drawing a parallel to how a single issue like onion prices once changed a government in Delhi. He predicted that just like Archimedes' principle, "the faster a ball goes up, the faster it will come down," predicting a similar trajectory for TVK.

Room for less: Next big thing in hospitality?

Can the search for a hotel room lead to a business idea? It did, for Alok Mishra.In 2014, during a trip with his wife, Mishra needed a hotel room for six hours as he did not want to drive late at night. But he was asked to pay for a full day and subjected to a series of intrusive questions despite being married—and was finally refused a room. “That got me thinking that there might be travellers like me who need rooms only for a few hours but have to pay for an entire day. Later, while working in the US, I came across pay-for-use concepts and felt that India needed a more flexible, customer-friendly model,” he says.That experience led to the launch of Bag2Bag in 2019, an online platform for booking hotels, service apartments, homestays and other accommodations, with a focus on hourly stays.The business started gaining momentum around 2021. Bag2Bag’s hourly-stay revenue has risen from roughly Rs 50 lakh in 2021 to Rs 5-6 crore today. The company has served more than 1 lakh customers, lists over 10,000 properties across India and offers hourly stays at 6,000-7,000 of them. The service is available in more than 50 cities, though Bengaluru and Mumbai remain its strongest markets.Also read | The safe keepers: Inside India's booming locker economy“People now understand that this is a practical solution rather than a niche service. One of our biggest achievements has been to help normalise the category. Earlier, hourly stays were often associated with couples seeking privacy,” he says. “We deliberately broadened the use case by allowing family bookings, including travellers with children. We wanted people to see hourly stays for what they really are— a convenient accommodation option.”HOUR OF NEED That convenience is growing as online hotel booking platforms that allow short stays are on the rise. Alongside Bag2Bag, there is Noida-based Brevistay, Bengaluruheadquartered MiStay, Mumbai’s Hourly Rooms and Qwiksta, all specialising in micro stays. Larger travel platforms like MakeMyTrip, Agoda and Goibibo have also introduced hourly booking options.Like Bag2Bag, Brevistay was born out of a travel inconvenience. In 2016, cofounders Prateek Singh, Aditya Naithani, Shubham Agarwal, Avnish Kumar and Nikhil Pathak arrived in Manali at 5 am only to find that hotels would not allow early check-ins without charging for an extra night. The friends went on to cofound the travel tech startup Brevistay, which raised Rs 3 crore in 2023 and today reports revenue of about Rs 18 crore. It has 15 lakh registered users, 4 lakh monthly active users and around 11,000 listed hotels, including brands such as Ginger, Ramada and Blue Motel.LONG JOURNEY Getting there, however, was not easy.Pathak, cofounder and chief technology officer of Brevistay, says, “The challenge in this segment is not customers but hotels. In 2016, many hoteliers would simply bang the phone on us. Some agreed in principle but didn’t want their properties listed publicly and preferred bookings to come through offline calls. It took us nearly two years before we started seeing meaningful traction and recurring bookings,” says Pathak.The same resistance greeted MiStay when it launched in 2016. Starting with a pilot in Delhi, MiStay has since expanded to more than 100 cities. Shwetha Sameernath, general manager, business and growth, MiStay, says, “When we launched, scepticism was high. Most hotels were uncomfortable with the model, concerned about guest quality and operational challenges. Over time, that changed as hotels began seeing it as a revenue opportunity.”MiStay tackled resistance through education and curation. The company worked to show hoteliers that short stays served a broad and legitimate market of business travellers, transit passengers and day-use guests. It also selectively onboarded premium hotel brands, helping build credibility for the category. “When hotels see actual customer segments across varied, legitimate use cases, it builds their confidence that the model won’t compromise their brand,” says Sameernath, adding that the concept is now largely normalised.Also read | Major change in buyer behaviour as e-scooters race deeper into BharatPathak says the customer has evolved as well. Brevistay continues to market actively to couples, but he argues that the category should no longer be viewed through that lens. “There’s nothing illegal happening. In fact, there’s no law that prevents consenting adults from booking a hotel room. The issue was perception, not legality. What eventually changed minds was revenue,” he says. “Once hotels realised they could sell the same room multiple times in a day and generate seven or eight bookings instead of one, the business case became impossible to ignore.”The use cases have expanded too. Back in 2017, couples accounted for nearly 90% of Brevistay’s bookings. Today, that figure is down to 50-60%. Business travellers, transit passengers, tourists looking to freshen up between journeys, students travelling for exams and people attending interviews or meetings have all emerged as important customer segments.Hotels, meanwhile, have had to adapt operationally. Mishra says the biggest challenge is that traditional hotel system was never designed for flexible check-ins and check-outs. Bag2Bag addressed this by developing its own software platform for partner hotels. “Once they realised they could monetise idle inventory and generate additional revenue from rooms that would otherwise remain empty, adoption became much easier,” he says.REVENUE CHECKS IN For Sameernath, the turning point was the entry of premium hotel brands. “Today, acceptance has grown across the ecosystem. Channel managers and property management systems are evolving to support slot-based bookings, and customers increasingly treat hourly booking as the natural way to reserve a room for less than a day,” she says.Also read | Indian tourists go viral for all wrong reasons. Here's how not to become the next horror storyMishra has observed another interesting shift. Reliability and brand trust are becoming increasingly important. “Whether it’s a three-star or a five-star property, even if a branded hotel costs 20-25% more, customers prefer it because they know what they’re getting,” he says. The economics are compelling for hotels too. Sameernath points out that average hotel occupancy in India is under 65%, while daytime occupancy can fall to as low as 30% as guests check out in the morning and new arrivals come in much later. Platforms like MiStay help hotels monetise those idle hours by attracting guests who would never have booked a full-day room. “For hotels near airports or railway stations, the upside is even greater. A room priced at Rs 8,000 for a full night could earn Rs 3,500-4,000 for a daytime slot and another Rs 6,000 for the night—generating `10,000-plus from the same room in a single day,” she says.CHANGING PERCEPTION MiStay today works with brands like IHG, Pride, Ramada, The Park, Radisson and Novotel IHG, while Brevistay is in discussions with Hyatt. Sameernath says that on the demand side, once customers experience flexible booking, they don’t go back. Their repeat rate reflects this, as 48% of MiStay’s monthly business comes from repeat guests “The pay-per-use model in hospitality is the same transformation that happened in transport. You no longer book a cab for a full day; you pay for the distance. Hotels are heading the same way,” she says.Pathak believes the next wave of growth will be driven by younger travellers. “They’re vocal about spending time with their partners and don’t carry the hesitation earlier generations did. In metros, the industry has largely moved beyond the old perceptions, and hourly stays are increasingly viewed as a convenience product rather than something unusual.”The customer, it seems, has reached the destination. The hospitality industry needs to arrive.ChallengesPersistent social stigmaTrust and safety concernsBranded hotels worried about perceptionComplexities in managing multiple check-ins and check-outsLack of awareness among travellersOpportunitiesRise in domestic travel and frequent short tripsGrowth of bleisure (business + leisure) travelYounger consumers demanding flexibilityTech platforms making discovery and booking seamlessHotels looking to monetise vacant rooms

Obama casts a long shadow on Iran bill

US President Donald Trump has spent years attacking his predecessor Barack Obama for what he called a giveaway to Iran. The image of "pallets of cash" became one of his favorite political talking points, a symbol of what he portrayed as weakness in dealing with Tehran.Yet the irony of the current moment is becoming harder to ignore. As negotiations to end the latest US-Iran confrontation stall, Iran is demanding access to billions of dollars in frozen assets, and the success of any deal may depend on whether Trump agrees to some form of financial relief. The president who built his Iran policy around rejecting Obama's approach may now find himself confronting the same reality that faced previous administrations -- diplomacy with Iran often comes with a price tag.Pay $12 billion now, and $12 billion laterAn indication of how central money has become to the negotiations came from Mohsen Rezaei, military adviser to Supreme Leader Ayatollah Mojtaba Khamenei, in an exclusive interview with CNN. According to Rezaei, the negotiations have reached a deadlock and the responsibility for breaking it lies squarely with Trump. He said Iran wants the release of $24 billion in frozen Iranian assets, with $12 billion to be made available immediately after an interim agreement is signed and another $12 billion at a later stage.Also Read | Iran says frozen funds key to progress in US talksRezaei termed the demand not a concession from Washington but as a test of American intentions. "If he wants to reach an agreement with Iran, this $24 billion is a test of trust that Iran wants to have with Trump," he told CNN. "This is our own money, not America's money."The significance of the demand extends beyond the amount involved. By publicly linking the prospects of peace to the release of frozen assets, Iran has effectively made financial compensation the central political hurdle in the negotiations.Trump's Obama problemFor Trump, the issue is not as much financial as deeply political. CNN reported that Trump has repeatedly instructed his team that any agreement with Iran must be viewed as stronger than the 2015 nuclear accord negotiated by Obama. Equally important, he wants to avoid anything that resembles the controversial payments that became a focal point of Republican criticism a decade ago.Throughout his political career, Trump has portrayed the Obama administration's handling of Iran as evidence of weak leadership. Recently, he revived his criticism of the Joint Comprehensive Plan of Action, or JCPOA, describing it as a horrible deal and insisting that any agreement he reaches will be far better. That political history now threatens to constrain his negotiating options. A deal that includes billions of dollars flowing to Iran could invite immediate comparisons with the very agreement he spent years denouncing.Also Read | Iran retains about 22% of missile stockpile, says TrumpWhat Obama actually didThe comparison is unavoidable because financial relief was also a major feature of the Obama-era approach. The JCPOA, finalized in 2015 after negotiations between Iran and the P5+1 powers, imposed strict limits on Iran's nuclear activities in exchange for sanctions relief. The agreement capped uranium enrichment, reduced centrifuge capacity and established what experts described as one of the most intrusive inspection regimes ever negotiated.The deal also coincided with the release of $1.7 billion to Iran, a figure that Trump and other critics frequently cited as evidence of appeasement. Critics argued that sanctions relief and financial compensation rewarded Iranian behaviour across the region.Supporters of the agreement took a different view. They argued that much of the money involved consisted of Iranian assets that had already belonged to Iran and that the deal successfully halted Tehran's progress toward a nuclear weapon while providing unprecedented transparency into its nuclear program.Former US Energy Secretary Ernest Moniz, who helped negotiate the agreement, told CNBC that the JCPOA's most important achievement was its extraordinary verification system. Arms control experts similarly maintain that the deal effectively constrained Iran's nuclear ambitions before it unraveled.Why the current situation is more difficultThe irony for Trump is that negotiations now are taking place under conditions far less favorable than those that existed in 2015. After the US withdrew from the JCPOA in 2018, Iran gradually breached many of the agreement's restrictions. It expanded uranium enrichment, accumulated a much larger stockpile of nuclear material and scaled back some transparency measures.Many think that any new agreement must address a more advanced Iranian nuclear programme and a more complicated political environment. There is also the added challenge of rebuilding trust after years of mutual escalation. That reality means economic incentives have become even more important. Tehran is demanding tangible benefits upfront rather than promises of future relief. From Iran's perspective, accepting new restrictions without immediate financial gains would be politically difficult.Trump's search for a political workaroundTrump's advisers are acutely aware of the political risks. According to CNN, administration officials are exploring mechanisms that would allow Iran to receive financial relief without creating the appearance of a direct US payment. One possibility involves third countries such as Qatar releasing funds. Another would permit access to frozen assets while restricting their use to humanitarian purchases such as food, medicine and agricultural goods. There have also been discussions about creating reconstruction funds financed largely by Gulf states rather than the United States.These proposals reflect an important reality. The debate is no longer about whether Iran should receive economic relief at some stage. It is increasingly about how that relief can be structured so that Trump can claim he has not repeated Obama's mistakes. In that sense, the dispute is becoming as much about political messaging as about financial policy.Leverage versus peaceThe White House remains reluctant to surrender what it views as one of its strongest bargaining tools. Trump has publicly insisted that the United States will retain control over frozen Iranian funds until Iran meets Washington's demands. Secretary of State Marco Rubio has similarly emphasised that sanctions relief should follow compliance rather than precede it.The administration's concern is straightforward. Once funds are released, Washington loses a major source of leverage. That leverage could prove critical during the highly technical second phase of negotiations focused on Iran's nuclear program. Iran, however, sees the issue differently. For Tehran, immediate access to frozen assets is evidence that the United States is negotiating in good faith. Without such a gesture, Iranian leaders appear unwilling to commit themselves to a broader settlement. That difference in perspective has created the current impasse.The choice facing TrumpThe strategic dilemma confronting Trump is becoming increasingly clear. He can maintain a hard line and refuse any significant financial concession, preserving political consistency but risking the collapse of negotiations. Or he can accept some form of economic relief for Iran, potentially unlocking a broader peace agreement but exposing himself to accusations that he has embraced a version of the same approach he once condemned.Rezaei's comments to CNN show how central that decision has become. By presenting the release of $24 billion as a test of trust, Iran has effectively challenged Trump to choose between ideological purity and diplomatic pragmatism. For a president who built his Iran policy in opposition to Obama's legacy, that may be the most uncomfortable choice of all. If peace ultimately requires releasing billions of dollars in frozen Iranian assets, Trump would be seen as eating his words when he had asked Iran for complete surrender.

K Annamalai quits BJP as party accepts resignation

HDFC Mutual Fund restricts lumpsum subscriptions in its gold ETF and fund of fund

HDFC Mutual Fund has restricted lumpsum investments in its gold ETF and fund of fund - HDFC Gold ETF and HDFC Gold ETF Fund of Fund with effect from June 8 and June 5 respectively.The fund house informed its unitholders that it has decided to temporarily restrict lumpsum subscriptions in HDFC Gold ETF and HDFC Gold ETF Fund of Fund until further notice.Also Read | ET Alpha Wealth Summit: India could unlock a $5 trillion export opportunity through FTAs, says Saurabh Mukherjea In HDFC Gold ETF, subscription transactions by large investors directly with HDFC Mutual Fund (i.e. investing minimum Rs 25 crore) shall not be accepted from the effective date. In HDFC Gold ETF FoF, lumpsum purchases /switch-ins into the FOF shall be processed only upto a limit of Rs 10 lakh per PAN per calendar month (at first holder level). This limit shall apply in respect of transactions received after cut-off time (3:00 PM) on June 5.It further said that all other terms and conditions of the schemes will remain unchanged. This addendum shall form an integral part of the SID / KIM of the schemes as amended from time to time.Launched on December 28, 2022, HDFC Gold ETF had an AUM of Rs 69.72 crore as of April 30, 2026. In the last one year, the fund lost 4.01% and since its inception it has given a CAGR of 8.27%.Also Read | ET Alpha Wealth Summit: Future alpha may emerge from neglected markets and asset classes, says Kalpen Parekh HDFC Gold ETF FoF was launched on November 1, 2011 and had an AUM of Rs 11,464 crore as of April 30. In the last one year, it gave a return of 57.05% and since its inception it has given a return of 11%.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.

CBSE clarifies re-evaluation payments

The Central Board of Secondary Education (CBSE) on Wednesday clarified that students applying for verification and re-evaluation of Class XII answer sheets do not need to have accounts with State Bank of India, Canara Bank, Bank of Baroda or Indian Bank to make payments on its online portal, addressing confusion that emerged after the system was launched earlier this week, Times of India reported.The clarification came after several students claimed on social media that the portal appeared to restrict payments to customers of the four public sector banks. In a statement posted on X, CBSE said the portal only uses payment gateways operated by these banks and does not require applicants to hold accounts with them.Also Read: Claude, other AI tools used to breach CBSE portals: IIT Panel“Candidates may use the available online payment options — UPI, net banking, credit card and debit card — through the designated gateways,” the board said.CBSE also said the portal continued to function smoothly despite a major cyberattack attempt on Tuesday, shortly after it went live. According to the board, the platform came under a barrage of denial-of-service attacks within minutes of its launch, receiving nearly 1.5 million hits in two minutes along with more than one lakh attempts at unauthorised file access.The board said its technical teams worked continuously to maintain the stability and security of the platform.“The portal has accepted 4,924 applications for verification and 39,056 applications for re-evaluation (total of 43,980) as of 12 noon today,” CBSE said.The board urged students to rely only on official CBSE communication for updates related to the process.Also Read: CBSE re-evaluation portal keeps lakhs of students guessingThe verification and re-evaluation window opened on June 2 for Class XII students who had earlier obtained scanned copies of their answer books evaluated under the board’s new digital On-Screen Marking (OMS) system.

Trump plans to appeal order on tariff refund

NEW YORK: Businesses big and small have started receiving tariff refunds after the U.S. Supreme Court ruled that President Donald Trump lacked the constitutional authority to impose higher import taxes on goods from nearly every other country.The process could grind to a halt, however, after the Trump administration said Friday that it intended to appeal a federal judge's order to allow all companies that paid the invalidated duties to seek refunds, not just the ones that filed lawsuits.Until the Department of Justice informed the judge of its planned appeal, the refund system overseen by U.S. Customs and Border Protection had been working fairly smoothly. Refunds reached the bank accounts of the first successful applicants on May 12, about three weeks after importers and their customs brokers could start submitting claims through an online system, according to CBP.Applications for refunds totaling $85 billion - more than half of the $166 billion the agency estimated the government owes to companies that paid the tariffs on imported goods - were accepted for processing as of May 22, CBP reported in a legal filing earlier in the week. It said it had so far directed the Treasury Department to issue $20.6 billion in refunds.Also read | US probes Reid Hoffman group over funding lawsuits against Trump, source saysThe administration revealed its appeal preparations while objecting to a demand by Judge Richard K. Eaton for CBP Commissioner Rodney Scott to appear in the U.S. Court of International Trade to answer questions about how long it would take to repay all 330,000 importers that might be eligible for refunds. The judge scheduled a June 9 hearing on why he shouldn't require the government do whatever it takes to speed up the process.Justice Department lawyers asked Eaton to allow one or two of Scott's deputies to appear in his place, arguing that as a high-ranking presidential appointee, the CBP chief could not be compelled to testify. They also argued that Eaton exceeded his authority when he determined in March that the Supreme Court's ruling entitled "all importers of record'' to refunds."For that reason, defendants intend to appeal the court's universal injunction," the lawyers wrote, adding that CBP would continue to move "as quicky as it can to process refunds in a phased approach" for businesses that filed legal complaints asserting their rights to refunds.In a written reply, Eaton said he needed to hear directly from Scott whether the government would return all of the money it collected between when Trump put what he called "reciprocal" tariffs on most countries in April 2025 and when the Supreme Court struck them down in late February."It is undisputed that the remedy for this unlawful collection is for the United States government to refund the unlawfully collected duties," the judge wrote.Refunds coming in phasesMore than 1,000 companies, including large ones like Costco, Goodyear Tire, banana and pineapple distributor Dole Fresh Fruit, and department store chain Kohl's, filed lawsuits to recoup their tariff costs. The judge said Wednesday he intended to allow cases he put on hold while CBP figured out how to handle refund claims - they numbered 485 in mid-March - to proceed.Also read | Minority union at Samsung Electronics to challenge pay deal in courtCustoms and Border Protection is handling refund claims in phases, focusing first on payments that weren't finalized before the Supreme Court handed down its 6-3 decision. CBP officials have said those later payments were more straightforward to process.Importers are required to make estimated tariff payments when goods enter the U.S. The declared items then enter a process called "liquidation," in which CBP determines how much in import taxes was owed. The decision becomes final after 180 days unless the payer contests the bill.In Friday's filing, the Justice Department said the agency did not have the technological ability or the legal authority to recalculate liquidated accounts without "importer-specific orders" in each lawsuit.Price cuts promisedSome national retail chains said they planned to use their tariff refunds refunds to lower customer prices on some items. Walmart Chief Financial Officer John David Rainey told analysts last week that the company would implement price cuts even though the maximum refund it might be eligible for represented less than half of 1% of Walmart's $483 billion in annual U.S. sales.Costco intends to return the tariff costs that it passed on to members, CEO Ron Vachris said. How much of its refund the big-box retail chain redistributes, when and in what form, depends on factors such as the size of the refund, when it arrives, and developments in a lawsuit seeking tariff compensation for Costco customers, Vachris told investors Thursday.Consumers could first see refunds from shipping companies such as FedEx, UPS and DHL, which acted as customs brokers when they delivered products ordered from overseas. The companies charged either the sellers that shipped the packages or the buyers who received them and turned the tariffs they collected over to CBP.All three promised to return any refunds they get to the customers that paid the import taxes. Last week, FedEx said it was "working to swiftly process refunds and return them to the shippers and consumers who originally bore those charges."Putting refunds back into the businessThe Supreme Court invalidated only the country-by-country tariff rates Trump set by citing the 1977 International Emergency Economic Powers Act. Others he imposed under different rationales remain in effect. Trump also has moved to introduce new tariffs since the court's Feb. 20 ruling.Some smaller companies told The Associated Press that the tariff refunds they've received so far would go toward paying remaining or future tariffs or getting back on solid financial footing after more than a year of uncertainty and additional costs.Jay Foreman, CEO of toy company Basic Fun, said he received about $450,000, or 7% of his total claim, over two consecutive days. He took the repayment as a positive sign but said that after having less than $10,000 refunded since then, the process seemed like a "total slow roll.""It's time to release the funds back into the economy, especially given how much we and others need these funds to support our businesses and fund our operations," Foreman said.Men's grooming brand Manscaped has received about 30% of the $12 million in refunds it applied for, President Kevin Datoo said. He said the San Diego company deferred investments and took on debt to pay tariffs on imports from Indonesia, China and elsewhere in Asia last year."We need to shore up the balance sheet because there's still a whole second chapter here," Datoo said.Melkon Khosrovian, who owns Greenbar Distillery in Los Angeles, said he applied for a tariff refund of about $90,000 for 17 different shipments and has received $18,000 covering four of them. Certain types of herbs, spices and packaging are hard to find domestically, so Khosrovian said he imports them.The tariffs were "painful," he said. He invested money to automate his bottling process last year so he wouldn't have to pay as many workers. The move allowed him to reduce his 13-person staff by three, but Khosrovian noted that the White House had argued the tariffs would create more U.S. manufacturing jobs."Our choices were bad and worse: raise prices and lose customers, or keep prices the same and not make any money," he said.

Vinesh loses the bout but wins the fight

New Delhi: Defeat on the mat did not make Vinesh Phogat feel like a loser.After her comeback bid ended in the Asian Games selection trials on Saturday, the former world championships medallist declared that she had already won by returning to competition after motherhood and by standing up to a system she claimed had done everything possible to keep her away from wrestling."I have not failed at all. I am fighting the whole system and I am still standing with pride on the mat again," Vinesh toldafter her 4-6 semifinal loss to Meenakshi Goyat, while reiterating her ambition of competing at the 2028 Los Angeles Olympics.Minutes after suffering defeat, Vinesh launched a scathing attack on the wrestling administration, alleging discrimination, mental harassment and attempts to block her return to competitive wrestling despite court orders in her favour.Also read | IPL 2026 Purple Cap winner list: Most wickets, updated standings and bowling rankings"They wanted to stop me from returning to the mat, but I am standing here again. I am proud of what I have achieved in these 10 months."I know the system will continue to create challenges for me, but I have hope that through hard work I can leave the system behind and move forward," she added, refusing to view the semifinal defeat as a setbackVinesh, who was competing for the first time since her heartbreaking disqualification from the Paris Olympics final in 2024, said her biggest achievement was returning to elite competition after childbirth. She said returning to competition after motherhood and after months of legal and administrative battles felt like a victory."It has been only 10 months since my son was born. I am standing on the mat again and competing against the younger generation. I am proud of myself. I hope I can inspire my son and many women wrestlers," she said.Vinesh described the Delhi High Court order that enabled her participation in the trials as a landmark moment for women wrestlers seeking to return after motherhood."A girl is coming back to the mat after becoming a mother. The path has opened. Sooner or later there has to be a policy. Women wrestlers who want to return after becoming mothers should get a fair opportunity and some relaxation," she said.The 31-year-old alleged that even after the court's intervention, officials continued to create obstacles for her.Also read | Liverpool sack Slot after title defence turns into European scrambleShe said that she spent nearly an hour arguing with officials on Saturday morning after being informed she would be allowed to compete only in the 50kg category despite wanting to participate in 53kg."When I should have been focusing on my recovery and preparation, I was arguing with officials. They gave me a letter saying I could compete only in 50kg. It was mental harassment," she said.Vinesh claimed that the entire process was designed to put her at a disadvantage, alleging that stronger wrestlers were deliberately placed in her draw and that scheduling decisions drained her energy before the semifinal."I was not given a fair deal. All the strong girls in my category were put in my path. The bouts were scheduled in a manner that affected my energy levels," she alleged.Despite the grievances, Vinesh accepted responsibility for her defeat and admitted that a lack of competitive exposure and endurance hurt her performance."I accept my defeat. I will work harder and return stronger. Fitness and endurance were issues, but more than that, I needed competitions. I had not competed for nearly two years. This was my first tournament after becoming a mother," she said.She insisted that Saturday's performance convinced her that she still has enough ability to compete with the country's best wrestlers."I was motivated today. I know I can beat the younger girls. I still have that courage and belief. If I work hard, I know I can come back stronger."Asked whether the 2028 Los Angeles Olympics remained a target, Vinesh replied in the affirmative."Definitely. I have come back to the mat for Los Angeles," she said.The wrestler reserved some of her strongest criticism for the sports administration, questioning why no institution had intervened despite repeated disputes surrounding her participation."The government, the Sports Ministry, the IOA -- nobody is taking a stand. This is very sad. If athletes have to survive despite the system, then something is seriously wrong," she said.She also alleged that many young wrestlers privately supported her but were afraid to speak openly against administrators."A lot of girls were happy to see me back on the mat. They come and talk to me but they are scared. They know what can happen if they speak against powerful people," she said.Vinesh, however, clarified that she has no complaints against fellow wrestlers and said athletes should not be blamed for the larger issues within the sport."The kids are not at fault. I don't have anger towards any athlete. The problem is with the people who manipulate and control the system," she said.

Guv accepts CM Siddaramaiah's resignation

Karnataka Governor Thaawarchand Gehlot on Friday accepted the resignation of Chief Minister Siddaramaiah, who has decided to step down. Siddaramaiah handed his resignation letter to the Lok Bhavan officials on Thursday as governor Thaawarchand Gehlot was away in Indore.131380660Also read: 'No interest in national politics': Siddaramaiah rejects Rajya Sabha seatHe resigned as Karnataka CM, paving the way for his deputy, DK Shivakumar, to take over the top job. Soon after submitting his resignation, Siddaramaiah told the media that his action came in deference to the party high command's instructions. The party high command and the legislature party will decide on the new leader, he said.According to an official confirmation issued from Lok Bhavan in Bengaluru, Gehlot also dissolved the Council of Ministers headed by Siddaramaiah with immediate effect. However, Siddaramaiah will continue as CM until alternative arrangements are made.The ruling Congress is said to plan the next moves as it will schedule the Congress Legislature Party meeting, where MLAs will formally choose their new leader.Siddaramaiah thanked Sonia Gandhi for admitting him into Congress two decades ago and Rahul Gandhi for the opportunities given to him.The outgoing CM confirmed that the All India Congress Committee had offered him a nomination to the Rajya Sabha, but he had politely declined the offer. "I have never been interested in national politics," he said, adding that he still had two more years of term as MLA.However, he said he will remain active in state politics and continue to fight for social justice and against forces of communalism that oppose the Constitution "until my last breath."The oath-taking ceremony of Siddaramaiah's successor is unlikely to happen this week, people familiar with the matter told ET.

IDBI Bank sale back on table: Centre

New Delhi: The Centre is exploring ways to revive the stalled privatisation of IDBI Bank, people familiar with the matter told ET. The choices include examining whether earlier rejected bids, from Prem Watsa-led Fairfax Financial Holdings and Emirates NBD, for their failure to hurdle the reserve price threshold could still be considered, they said.The bids remain ‘alive’ and the government is examining legal provisions under the tendering framework that allows for bids to be accepted even if offers are below the reserve price, said the people cited above.The reserve price remains undisclosed. A call is expected to be taken soon as the government looks at ways to bolster its non-tax revenues. A senior government official said that all options are on the table, as the process for selling its stake in IDBI Bank was never "scrapped" even after the financial bids were found to be below the reserve price. "Multiple options are being examined including how to complete the transaction in the ongoing round,” an official said. The government fixed the reserve price after bids were submitted by interested parties but before they were opened.Also Read: Listed banks earned a record profit of ₹4 lakh crore in FY26The reserve price remains confidential and has not been disclosed to bidders. The Centre may also seek guidance from, the Securities and Exchange Board of India, given the valuation concerns considering a very limited free public float, currently at 5.29%. 131377481Low Public Float"All these aspects are being examined," said another official. In February 2026, Arunish Chawla, secretary, Department of Investment and Public Affairs, or DIPAM, had said in a post on X that financial bids had been received for the strategic disinvestment of the IDBI Bank."They will be evaluated as per the prescribed procedure," he stated. But the stake sale process came to a halt in March after the bids received were found to be below the reserve price. IDBI's share price then crashed from a 52- week high of Rs 118.45 to a 52-week low on March 30 at Rs 61.05 at the Bombay Stock Exchange, or BSE.Also Read: Mid-tier entities in Indian BFSI under-invested in security, most exposed to cyberattacksThe stock gained some momentum in April and is currently trading at Rs 73.49 on the BSE. The government aims to sell its 30.48% stake and Life Insurance Corporation of India's 30.24% stake in the bank. At the current market price, it will be able to raise around Rs 24,000 crore. The government has budgeted Rs 80,000 crore from asset monetisation in this fiscal.As per the process, the successful bidder will have to go through a final assessment by the Reserve Bank of India (RBI) to ensure that it meets the regulator’s ‘fit & proper’ standards. In addition, approvals will be needed from statutory and regulatory authorities, including the Competition Commission of India. The successful bidder will also have to comply with the requirement to make an open offer to minority shareholders of IDBI Bank.

Why investors are ready to play in global equity league

Interest in overseas investing has risen as Indian equities lag several global markets over the past year. A look at different ways to invest overseas, the costs involved, and what to watch out for.What's the rush for investing overseas these days?The recent interest is largely because global markets have done better than India over the past year or so. Some hot global themes, such as AI and semiconductors, have seen strong gains. Since Indian investors have limited direct exposure to these themes through local markets, it's encouraging them to look outside India.How can resident Indian investors allocate money overseas?Resident Indian investors have three main ways to invest overseas. The simplest route is through international mutual funds offered by Indian fund houses. The second option is investing through GIFT City-based funds, and the third route is by opening an international brokerage account to directly buy global stocks or ETFs.If investing through domestic MFs is simple, why are investors facing restrictions?International mutual funds are indeed the simplest way to invest overseas, as they work like any domestic scheme and allow both lump sum and SIP investments across markets such as the US and other global indices. Indian funds offer funds that bet on the US, China, Nasdaq, Taiwan, Brazil, Japan, Europe and Asia, among others. However, investors are currently facing restrictions because The Reserve Bank of India has set an overall industry-wide limit of $7 billion for such overseas investments, which has already been largely utilised.As a result, many fund houses have stopped accepting lump sum inflows, while some allow SIPs but with monthly caps. This has reduced the availability of fresh investment avenues through this route.What about the GIFT City-based international funds?GIFT City-based funds offered by Indian AMCs, which are denominated in dollars and invest across global markets, themes and indices. These typically require a higher minimum investment of around $5,000 and fall under the Liberalised Remittance Scheme (LRS) limit of $250,000 a year. But the issue is that not every fund house has a presence there.What are the products currently on offer for domestic investors through GIFT City?Some of the popular products available for resident investors from GIFT city currently are DSP Global Equity Fund, Edelweiss Greater China Equity Fund, Parag Parikh IFSC Nasdaq 100 FoF and Parag Parikh IFSC S&P 500 FoF. Many others are in the process of launching their products there.How can an investor put money into GIFT City funds?For a Resident Indian, the process of investing through GIFT City is different from that for a domestic mutual fund. Investing through GIFT City involves sending money abroad under the Reserve Bank of India's Liberalised Remittance Scheme (LRS), since it is treated as an offshore jurisdiction. Investors need to complete KYC and then transfer funds from their bank account by filling out an LRS declaration (A2 form). The money is converted into dollars, and banks charge forex conversion and wire transfer fees.If total remittances exceed ₹7 lakh in a year, a 20% TCS is collected upfront, which can be adjusted while filing taxes. Once invested, these funds function like mutual funds with a daily NAV, and redemptions take around T+5 days.How does direct investing work?In direct investing, investors open an international trading account through an Indian platform offering global access to buy shares of overseas companies or global ETFs. The investment is made by remitting money abroad under the LRS, after which funds are converted into foreign currency and used to trade. This route offers the widest choice, but it comes with added complexities, including forex conversion costs, brokerage charges, and compliance requirements.How are the gains taxed on the investments? Investments in international funds through the mutual fund route attract capital gains tax to be paid by investors at the rate of 12.5% for units, if held for more than two years. For units held for less than two years, the gains are added to your total income and taxed according to the tax slab. In GIFT City funds, the income earned from investments is taxable at the fund level, with no taxation at the investor level. For holding periods less than 24 months, a short term capital gains tax at the rate of 30% and a long-term capital gains tax of 12.5% is levied, which includes surcharge, health and education cess. Will the estate tax be applicable for resident Indians investing in US stocks from India? Yes, the estate tax can apply if resident Indians invest directly in USlisted stocks. For non-US residents, the exemption limit is $60,000. So, if the value of US assets held directly exceeds this at the time of death, the excess can be taxed by the US at rates ranging from 18% to 40%. This applies only to direct holdings of US stocks or assets. Investments routed through funds, such as those based in GIFT City, typically do not attract US estate tax at the investor level. So, what are my best options? If you are looking to deploy small amounts like Rs 5000 or Rs 10,000 per month or a lumpsum amount of Rs 1 lakh, the mutual fund route works well, though there are limited choices, and the GIFT City route is highly impractical. However, if you are looking to park a substantial lump sum of more than $5000 into a dollar denominated asset, you could opt for the GIFT City route or direct investing.