Instruction No. 16/2026-Customs F.No.401/103/2021-Cus.III Government of India Ministry of Finance Department of Revenue (Central Board of Indirect Taxes & Customs) Room No. 16049, Kartavya Bhawan, New Delhi Date: 18-09-2026 To, All Principal Chief Commissioners/ Chief Commissioners of Customs/ Customs (Preventive)/Customs & Central Taxes All Principal Commissioners/Commissioners of Customs /Customs (Preventive). All Pr. Director General/Director... ... ...

SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER AND SHRI G. D. PADMAHSHALI, ACCOUNTANT MEMBER For the Assessee : Shri Nitesh Joshi Revenue : Shri Rakesh Jha ORDER PER G. D. PADMAHSHALI, AM; This appeal is directed against the order of the National Faceless Assessment Centre, Delhi, ['AO' hereinafter] dt. 29/10/2021 passed u/s 143(3) r.w.s. 144C(13) r.w.s. 144B of the Income-tax Act, 1961 ['the Act' hereinafter] for the AY 2017-18. 2. The assessee raised following gro... ... ...

The Performance Review Committee must submit, in the fixed month of each year, a consolidated report to the Authority containing findings from each review area. The Authority shall take action on the report under the statutory mechanism in section 17(2) of the Act. The reporting process connects annual review findings with required regulatory action.

Any person may submit a written complaint in the prescribed form concerning an incident within specified statutory categories. The Committee registers and numbers each complaint, may seek necessary information or confirmation from the complainant, and submits a findings report to the Authority. The Authority may dismiss a complaint where no prima facie case exists, with intimation to the complainant and Committee, or forward a prima facie meritorious complaint to the concerned authority for action under applicable laws.

8. (1) The Committee shall meet at least twice in a financial year; (2) The quorum necessary for the transaction of business shall be half of the total strength of the Committee, wherein presence of at least one member and one independent expert dealing with each review function shall be mandatory; (3) The notice, place and agenda for the meetings shall be circulated at least seven working days in advance by the Secretary to the Committee; (4) The minutes of the meeting shall be rec... ... ...

The Performance Review Committee may access all relevant records and require attendance of any employee of the Authority for performing its functions. Information concerning the Committee's deliberations and decisions may be shared only by the Chairperson or a person authorised by the Chairperson, including with the media.

6. The review of risk management shall be conducted to ensure that the Authority is managing risk to its functioning in a reasonable manner, and it shall be performed by: (i) reviewing the adequacy and effectiveness of the risk monitoring measures for its activities; (ii) reviewing whether the risk identification measures are appropriate and assure the safety and soundness of the operations of the Authority while ensuring that any possible harm is mitigated and risks are ca... ... ...

5. (1) The Committee shall review the compliance and governance functions of the Authority to assess as to whether the Authority has adhered to the provisions of the applicable laws and has promoted transparency and best practices of governance while exercising powers or performing its functions under the Act. (2) The review of compliance and governance functions shall be conducted by examining as to whether the regulations made by the Authority- (i) comply with the applicable la... ... ...

4. The Committee shall review the functioning of the Authority at least once in every financial year in following areas:- (i) Compliance with the provisions of the applicable laws while exercising powers or performing functions under the Act by the Authority; (ii) Promotion of transparency and best practices of governance through the regulations made by the Authority; (iii) Risk management by the Authority in relation to its functions. =============... ... ...

CHAPTER II OPERATION AND FUNCTIONS OF THE PERFORMANCE REVIEW COMMITTEE 3. (1) The Authority shall constitute a Performance Review Committee in accordance with sub section (1) of section 17 of the Act, which shall comprise of the following: (i) Two members of the Authority as nominated by the Board; and (ii) Upto two independent experts for each review function shall be nominated by the Board, from the panel of names approved by the Chairperson. (2) The Board shall ... ... ...

2. (1) In these regulations unless the context otherwise requires: (a) "Act" means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) "Authority" means the International Financial Services Centres Authority established under sub-section (1) of section 4 of the Act; (c) "Board" means the collective body of the members appointed under sub-section (1) of section 5 of the Act; (d) "Chairperson" means the Chairperson of the Autho... ... ...

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 23rd March, 2022 INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY (PERFORMANCE REVIEW COMMITTEE) REGULATIONS, 2022 IFSCA/2021-22/GN/REG022 -In exercise of the powers conferred by sub-section (1) of Section 28 read with sub-section (4) of Section 17 of the International Financial Services Centres Authority Act, 2019, the International Financial Services Centres Authority hereby makes the following regul... ... ...

New Delhi, Sep 18 (PTI) The government on Friday said it has relaxed the stockholding limit for bulk sugar consumers to 30 days from the existing 15 days, as the festive season approaches and demand is expected to pick up. Currently, bulk consumers who use more than 10 tonnes of sugar a month as a raw material — for production, consumption or other industrial use — are allowed to hold stock for up to 15 days of their requirement. This limit will now be doubled, the Department of Food and... ... ...

Insurance Web Aggregators must deal with prospects and policyholders in good faith, with integrity, care, diligence and confidentiality, while securing confidential information and assessing client awareness of insurance risk. They must maintain complaint-recording and monitoring systems, provide online complaint facilities, acknowledge communications within five working days, address grievances, and communicate further redressal options. Websites must avoid prohibited advertising, remuneration must be disclosed on request, staff must be trained and competent, and regulatory returns must be furnished as specified.

Insurance Web Aggregators must display registration, insurer arrangements, product information, and visitor-data sharing disclosures on their websites. They require permission to promote third-party offerings or allow third parties to divert clients to their website, must register for telemarketing where applicable, and must operate an effective Lead Management System. They must maintain insurer-agreement records, comply with applicable legal and regulatory requirements, accept only prescribed remuneration, and obtain prior regulatory approval for specified changes in management, ownership structure, office details, core service providers, and server location.

Insurance outsourcing to Insurance Web Aggregators may be undertaken at insurers' discretion, while execution of services remains a core activity of insurers. Each insurer-IWA relationship must be governed by a written contract covering material terms, including service charges and the parties' rights, responsibilities, and expectations. IWAs may undertake insurance outsourcing activities for insurers only through telemarketing and distance-marketing modes.

Insurance Web Aggregators conducting telemarketing or distance marketing must register as telemarketers, deploy authorised verifiers, and use website-generated leads for tele-calling. Outbound calls require express consent, while solicitation must follow insurer-approved standardised scripts covering caller identity, product features, exclusions, premiums, cancellation rights and required disclosures. IWAs are responsible for verifier conduct, must retain and transfer call records, undertake monitoring and compliance checks, and submit annual compliance certification. Insurers must identify distance-mode proposals, conduct verification calls, and preserve records. In policy-wording disputes, clients may give primacy to the Key Features Document and relevant calls.

SCHEDULE - 12 [Refer Regulation 20] 1. IWA shall use a Lead Management Systems (LMS) capable of recording the full details of the visitors to the designated website of the IWA and the Leads generated including the preference of the visitor. 2. LMS data shall be shared with the Insurance companies that have signed agreements with the IWAs. 3. LMS should ensure Transparency and Accountability. 4. IWAs shall disclose prominently on the home page that the Prospect's / visitor&... ... ...

SCHEDULE - 11 [Refer Regulation 19] 1. IWAs shall disclose prominently on the home page, a notice that: (a) the Prospect's / visitor's particulars could be shared with insurers. (b) "the information displayed on its website is of the insurers with whom it has an agreement" 2. Product information displayed by IWAs shall be authentic and be based solely on information received from insurers; 3. IWAs shall not display ratings, rankings, endorsements or best... ... ...

Insurance Web Aggregators must maintain secure information systems, encrypt lead and other data transmissions, and use approved payment gateways when collecting premiums for insurers. Their websites, portals, lead-management systems and India-hosted data centres require annual audit by a CERT-In empanelled information-security auditing organisation, followed by timely submission of audit reports. IWAs must also obtain annual compliance certifications, tag policies sold by Authorized Verifiers for tracking, comply with restrictions on displayed products and websites, and use prescribed nomenclature and registration disclosures.