The India-New Zealand Free Trade Agreement will grant duty-free access in New Zealand to all Indian exports, displacing existing peak tariffs on products such as ceramics, carpets, automobiles, and auto components. Scheduled to enter into force on 20 October 2026, the agreement also includes New Zealand's long-term investment commitment in India.

For composite supplies of electronic software development and integrated-circuit design to recipients in non-taxable territory, prototype hardware testing that only validates or improves the core software or design remains ancillary. Place of supply is determined by the service recipient's location under section 13(2) of the IGST Act. The physical-availability rule for services concerning goods does not separately govern that ancillary testing, and the contractual supply must be characterised on its facts.

ITeS supplied on the supplier's own account to an overseas client or its customer do not constitute intermediary services, even if rendered on the client's behalf. A supplier is an intermediary where it merely arranges or facilitates the overseas client's supply to customers. Mixed supplies of own-account ITeS and facilitation support require a fact-specific assessment of the principal or main supply. A non-intermediary supplier may qualify for export of services treatment if the supplier is in India, the recipient and place of supply are outside India, payment is in convertible foreign exchange, and the parties are not merely establishments of a distinct person.

The Authority may specify norms, procedures, processes and the manner of compliance by IIOs to implement and facilitate financial-statement requirements applicable to International Financial Service Centre Insurance Offices. The power includes matters incidental to implementation and facilitation, permitting operational compliance requirements within the framework governing preparation and presentation of financial statements.

Maintenance of books of accounts, documents, statements, contract notes and related materials by an IIO is subject to the retention requirements governing insurance records and submission of requisite information for investigation and inspection. The obligation requires preservation of all materials referred to in the financial-statement regulations.

An IIO must maintain and preserve, in electronic retrieval form, a year-end balance sheet, profit and loss account, revenue account, and cash or fund flow statement prepared using the direct method. The profit and loss account must be maintained on an accrual basis. The duty also covers other books of account, records, and documents relating to business activities where specified from time to time.

Regulation 15 requires all International Financial Service Centre Insurance Offices (IIOs) to maintain separate accounts for shareholders' funds and policyholders' funds, in the manner specified by the Authority. Separation of funds requires each IIO to keep the two fund categories distinct for accounting purposes. Investments allocated to policyholders must not be less than the value of the policyholders' fund, creating a minimum investment-value requirement for those allocations.

Separate reporting and disclosure apply to every contract that does not fall within the definition of an insurance contract under regulation 4(1)(iv). Such contracts must be identified independently in the financial statements of International Financial Service Centre Insurance Offices, rather than being included within insurance-contract reporting. The requirement establishes a distinct presentation and disclosure treatment for contracts outside the defined insurance-contract category.

Every International Financial Service Centre Insurance Office (IIO) must disclose all related party transactions in its audited financial statements. The requirement forms part of the framework for preparation and presentation of IIO financial statements under the International Financial Services Centres Authority Regulations, 2022, applying to all related party transactions of the IIO for financial reporting purposes.

An incorporated International Financial Service Centre Insurance Office must submit its Annual Report to the Authority within ninety days after the end of each financial year. Required contents include reports on the board, management discussion and analysis, risk management and corporate governance, together with audited financial statements, Notes to Accounts, and certified external auditor and actuarial reports.

Financial reporting by an International Financial Service Centre Insurance Office to the Authority must be in United States dollars. USD is the default currency for all such reporting, unless the Authority specifies otherwise. A different reporting currency may apply only where the Authority gives a contrary specification.

Under the financial-statement preparation and presentation framework for International Financial Service Centre Insurance Offices, an IIO must disclose every adopted change in an accounting standard or accounting policy. The financial statements must specify the resulting financial impact under each relevant head, separately identifying the head-wise effect of each adopted change.

Financial statements prepared and presented by IIOs must include a detailed statement of accounting policies applied to each aspect of those financial statements. Accounting-policy information is therefore an integral part of financial-statement preparation and presentation, requiring detailed identification of policies applied across every relevant aspect for inclusion in the statements.

International Financial Service Centre Insurance Offices must clearly disclose the Accounting Standards followed in preparing and presenting their financial statements. The obligation concerns identification of the Accounting Standards actually followed and requires disclosure of the accounting basis used for those statements.

Financial statement presentation by IIOs must follow the form and manner specified by the Authority. Financial statements must additionally contain comparative information for the preceding accounting year, governing the prescribed format of presentation and year-on-year comparative disclosure in IIO financial reporting.

Financial statement preparation by incorporated International Financial Service Centre Insurance Offices is determined by business category. Life insurance offices must comply with the accounting principles, standards, disclosures and other requirements in Schedule A. General insurance and reinsurance offices must comply with the corresponding requirements in Schedule B for their financial statements.

Unincorporated International Financial Service Centre Insurance Offices must prepare financial statements under accounting standards applicable to their parent entity. Incorporated offices must follow accounting standards issued by the Institute of Chartered Accountants of India, with cash flow statements prepared only through the Direct Method, segment reporting under Accounting Standard 17 irrespective of listing or turnover conditions, and no application of Accounting Standard 13 on investments. The Authority may require transition to IFRS or another accounting standard.

Policyholders' Fund comprises estimated outstanding-claims liabilities, including IBNR, IBNER, unexpired-risk, premium-deficiency and catastrophe reserves, and other liabilities net of other assets. Shareholders' Funds comprise share capital and eligible reserves and surplus, after accumulated losses and unwritten miscellaneous expenditure, excluding revaluation reserve and fair-value change account. An unincorporated office substitutes assigned capital for share capital. Accounting year follows the parent entity for an unincorporated office and ends on 31 March for an incorporated office.

Regulation 3 sets the objective of the International Financial Services Centres Authority framework for International Financial Service Centre Insurance Offices: establishing a process for the preparation and presentation of their financial statements. The framework concerns the manner in which IIO financial statements are to be prepared and presented, applying specifically to those offices within the International Financial Service Centre.

Financial statement preparation and presentation requirements apply only to International Financial Service Centre Insurance Offices registered under the insurance business registration framework. Compliance is linked to registration status as an International Financial Service Centre Insurance Office, and insurance offices outside that specified category do not fall within the regulatory scope.