INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 19th April, 2023 IFSCA/2022-23/GN/REG038. - In exercise of the powers conferred by Section 28 read with Sections 12 and 13 of the International Financial Services Centres Authority Act, 2019, and clauses (y), (z), (za) and (zab) of sub-section (2) of Section 114A read with Section 64V and 64VA of the Insurance Act, 1938, the International Financial Services Centres Authority hereby makes the following r... ... ...

HON'BLE DR. D.M. MISRA, MEMBER (JUDICIAL) AND HON'BLE MRS. R. BHAGYA DEVI, MEMBER (TECHNICAL) For the Appellant : None For the Respondent : Shri K. Vishwanath, Superintendent (AR) ORDER PER: D.M. MISRA None present for the appellant. Heard the learned Authorised Representative for the Revenue. 2. These appeals filed by the appellant against the Order-in Appeal No. 326/2016 dated 31.03.2016 passed by the Commissioner of Customs (Appeals), Bangalore. 3. The only i... ... ...

Beijing, Sept 21 (PTI) Chinese President Xi Jinping will visit Washington from September 23 to 25 for summit talks with his US counterpart Donald Trump, marking their second meeting in four months, a development Beijing has described as a "milestone of historic significance". Xi will visit the US for three days at the invitation of Trump, Foreign Ministry spokesperson Guo Jiakun announced at a media briefing here on Monday. During his talks with Trump, Xi will have in-depth exchanges on ... ... ...

Organised gold recycling, responsible sourcing, gold loans and financialised gold products are identified as ways to reduce reliance on fresh gold imports. Exchanging old jewellery can meet retail demand from existing domestic holdings, while gold loans unlock credit without requiring households to sell their gold. Gold ETFs and digital gold permit exposure to gold's value without physical possession and may reduce physical import demand. Transparency, trust and supporting infrastructure are necessary to integrate household gold into an organised formal economy.

GOVERNMENT OF GOA Department of Finance Office of the Commissioner of Commercial Taxes No. CCT/26-4/Next-Gen-GST reforms/2025-26/2707 Date : 22-Sep-2025 Ref.: 1) Notification No. 38/1/2017-Fin(R&C)(10/2025-Rate) dated 17-09-2025 published in Official Gazette, Series I No. 24, Extraordinary No. 5 dated 17-09-2025. 2) Notification No. 38/1/2017-Fin(R&C)(09/2025-Rate) dated 17-09-2025 published in Official Gazette, Series I No. 24, Extraordinary No. 5 dated 17-09-2025. 3) Notif... ... ...

Penalty for under-reporting or misreporting under section 270A was not attracted merely because an education-cess deduction, claimed on a bona fide belief as business expenditure, was voluntarily withdrawn during assessment before an addition. The penalty on that claim was deleted. For donations claimed as deductions, evidence reportedly submitted before the faceless appellate authority required consideration for the unresolved portion; the related penalty issue was remitted for fresh determination. Voluntary withdrawal of a bona fide expenditure claim, without further circumstances, does not establish penal under-reporting or misreporting.

Actions taken or purportedly taken under the superseded investment regulations and master circular before commencement are preserved and deemed taken under corresponding provisions of the 2022 Regulations. An International Financial Services Centre Insurance Office operating before commencement must meet the additional requirements within six months of commencement, unless the Authority permits an extended period.

The Authority may issue guidance notes or circulars to resolve difficulties in applying or interpreting requirements governing investments by International Financial Services Centre Insurance Offices. Upon an application accompanied by the specified non-refundable processing fee, it may relax strict enforcement of any requirement, provided written reasons are recorded in writing.

Regulation 18 empowers the Authority to specify norms, procedures, processes and compliance manners for International Financial Service Centre Insurance Offices (IIOs). The power applies to implementation, facilitation and regulation of IIO investments, including matters incidental to those investments, and permits operational compliance requirements governing IIO investment-related compliance.

Every International Financial Service Centre Insurance Office (IIO) must furnish investment-related information to the Authority in specified or requested manners, intervals and forms. The obligation covers information concerning its investments. Financial reporting to the Authority must be in USD unless otherwise specified, creating a default reporting currency subject to regulatory variation.

Investment management by an International Financial Service Centre Insurance Office requires Board-authorised oversight through an Investment Management Committee with financial, actuarial and insurance or reinsurance risk expertise. Unincorporated offices must invest through Parent Entity-authorised persons subject to reporting and review protocols. Internal controls and investment audits are mandatory. Offshore investments must be transferable to the International Financial Services Centre when directed, while investments must generally use freely convertible foreign currencies and minimise liquidity risk.

Governance requirements applicable to an International Financial Service Centre Insurance Office require its Board to maintain prudential mechanisms for evaluating, monitoring, measuring, reporting, controlling and limiting investment exposure. The IIO must independently conduct due diligence on proposed investments. Additional capital must be infused if exposure exceeds applicable limits or an invested asset is downgraded below investment grade.

Investment exposure limits apply to an International Financial Service Centre Insurance Office's total investment assets across specified fixed-income, debt, equity, fund, property, and infrastructure investments. Caps are 10 per cent for a single investee entity, 5 per cent within the IIO's own group, and 15 per cent for any other group or industrial sector. Separate limits restrict aggregate equity-related investments to 10 per cent of an investee's paid-up equity share capital and debt investments to 10 per cent of specified investee capital, reserves, and debt securities.

Sovereign credit rating-based limits govern IIO exposure to immovable property and infrastructure assets. SCR-RC 1 allows 100 per cent exposure without a buffer; SCR-RC 2 and 3 allow 50 per cent with a 10 per cent buffer; SCR-RC 4, 5 and 6 allow 30 per cent with a 5 per cent buffer; and SCR-RC 7 and lower within investment grade allow 10 per cent without a buffer.

Equity exposures of an International Financial Service Centre Insurance Office (IIO) in listed equities and equity-type instruments, including equity mutual funds, preference shares, Category I and II alternative investment funds, and derivatives, are subject to sovereign-credit-rating-based limits. SCR-RC 1 permits maximum exposure of 100 per cent with no buffer, while lower investment-grade rating categories carry progressively reduced exposure limits and specified buffers. Equity exposures in India, including IFSC, carry a 100 per cent maximum and no buffer.

IIO exposure to bonds, debts and deposits is limited according to the sovereign credit rating of the country from which the instruments are offered. The framework covers fixed-income instruments, debt mutual funds, loans, corporate and bank deposits, and similar rights. Maximum exposure is 100 per cent for SCR-RC 1 and India including IFSC, 50 per cent with a 10 per cent buffer for SCR-RC 2 and 3, 20 per cent for SCR-RC 4 to 6, and 10 per cent for SCR-RC 7 and lower within the investible grade.

The Supreme Court required the Central Government urgently to identify, in consultation with the Tribunal President, infrastructural amenities needed by tribunal benches. The Principal Bench Bar Association was required to compile tabulated infrastructure data for every regional bench. At least 18 benches were asserted to conduct half-day sittings because of member shortages, against a sanctioned complement that remained unchanged despite expanded insolvency jurisdiction.

Exposure limits for an International Financial Service Centre Insurance Office investing in bonds, debt and deposits are determined by Insurance Capital Standards rating categories and apply to total investment assets. ICS-RC 1 permits 100 per cent exposure without a buffer; ICS-RC 2 and 3 permit 50 per cent exposure with a 10 per cent buffer; and ICS-RC 4 permits 20 per cent exposure without a buffer. Exposure in India, including IFSC, is permitted up to 100 per cent without a buffer.

Regulation 9 sets investment-asset exposure limits for an International Financial Service Centre Insurance Office, calculated against total investment assets. It permits specified exposure to fixed-income assets, other debt and deposits, equities, alternative investment funds, loans, immovable property and infrastructure. Short-term money-market investments may reach 100 per cent for new funds awaiting deployment and maturing-policy payments, but are otherwise limited. Debt mutual fund, MBS and ABS exposure is restricted within total debt investments. Rating criteria, sovereign-rating limits and instrument, entity, industry and group concentration limits apply, while ULIP investments must follow the accepted policyholder investment pattern subject to exposure norms.

Investments by an International Financial Service Centre Insurance Office in central-government bonds or debt instruments are limited to countries holding an investment-grade sovereign credit rating from a recognised international rating agency, unless otherwise specified. Debt instruments issued by sub-national governments, public-sector entities, municipalities, or other non-central-government entities do not qualify as sovereign bonds. Investments in countries subsequently identified as high-risk jurisdictions subject to a call for action must be relocated to eligible countries within the specified period and reported to the Authority.