SCHEDULE- II () DETERMINATION OF AMOUNT OF LIABILITIES 1. Determination of Technical Reserves (1) The technical reserves shall be determined on the Valuation Date separately for each line of business. The representation of reserves for each line of businesses shall be as specified by the Authority. (2) The technical reserves for each line of business shall be determined as the aggregate of Premium Reserves as mentioned in clause 2 herein and Claims Reserves as mentione... ... ...

SCHEDULE- I () 1. VALUATION OF ASSETS (1) The following assets shall be placed with value zero: (a) Movable and Immovable property excluding financial instrument and any other asset as may be specified by the Authority; (b) Agents' and Intermediaries' balances and outstanding premiums to be payable by policyholders from outside India, to the extent they are not realisable; (c) Sundry debts, to the extent they are not realizable; (d) Advances and... ... ...

9. - (1) On and from the commencement of these regulations, the Insurance Regulatory and Development Authority of India (Assets, Liabilities, and Solvency Margin of General Insurance Business) Regulations, 2016, and the circulars or guidelines issued thereunder, shall cease to apply in International Financial Services Centres; (2) Notwithstanding anything contained in sub-regulation (1), anything done or any action taken or purported to have been done or taken under the regulations, circu... ... ...

8. : (1) In order to remove any difficulty in the application or interpretations of the provisions of these regulations, the Authority may issue clarifications through guidance notes or circulars. (2) On an application received along with the specified non-refundable processing fees, the Authority may, for the reasons to be recorded in writing, relax the strict enforcement of any of the provisions of these regulations. =============... ... ...

7. For the purpose of implementation of these regulations and matters incidental thereto, the Authority may specify norms, procedures, processes and manners to be for complied by IIOs. =============... ... ...

CHAPTER - III MISCELLANEOUS PROVISIONS 6. The Authority shall have the power to inspect or investigate the affairs of an IIO including calling for any information from the IIO or the parent entity and may specify the disclosures to be made by an IIO to the Authority in relation to its activities. =============... ... ...

CHAPTER - II REPORTING REQUIREMENTS 5. (1) An IIO shall prepare and submit to the Authority the following statements with such periodicity as may be specified: (a) A statement of admissible assets in FORM ALSM-GI-A, as specified under Schedule- I. (b) A statement of the amount of liabilities in FORM ALSM-GI-L, as specified under Schedule- II. (c) A statement of solvency margin in FORM ALSM-GI-SM, as specified under Schedule- III. (2) An IIO shall submit - ... ... ...

4. (1) In these regulations, unless the context otherwise requires- (a) 'Act' means the International Financial Services Centres Authority Act, 2019 (50 of 2019); (b) 'allocated loss adjustment expenses' mean the expenses which are directly attributable to a specific claim; (c) 'Appointed Actuary' shall have the same meaning as assigned to it under clause (c) of sub-regulation 1 of regulation 3 of the International Financial Services Centres Authority (Appointed Ac... ... ...

3. - These regulations aim to specify the requirements related to capital and solvency for undertaking general, health, or re-insurance business by IIOs. =============... ... ...

CHAPTER - I INTRODUCTION 2. These regulations shall be applicable to International Financial Service Centre Insurance Offices (IIOs) undertaking general, health, or re-insurance business. Provided that for an IIO set up in an unincorporated form, solvency margin and related requirements under these regulations shall not be applicable and such IIO shall comply with related requirement as stipulated under sub-regulation (4) of regulation 17 of the IFSCA (Registration of Insurance Busi... ... ...

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 19th April, 2023 International Financial Services Centres Authority (Assets, Liabilities, and Solvency Margin of General, Health and Re-insurance business) Regulations, 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... ... ...

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 11th April, 2023 F. No. IFSCA/2022-23/GN/REG036.-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 clause (zd) of sub-section (2) of Section 114A of the Insurance Act, 1938, the International Financial Services Centres Authority hereby makes the following regulations, namely - CHAPTER I GENERAL ... ... ...

Lending of securities under the Securities Lending Scheme, 1997 is a taxable supply of services because temporary lending does not amount to disposal of securities. The lending fee received by the lender is consideration and attracts GST, while intermediary services for facilitating lending and borrowing are separately taxable. Securities lending is taxable at 18 per cent. The lender was liable under forward charge for the earlier period, whereas the borrower is liable to pay IGST under reverse charge from 1 October 2019.

Monthly wages of Rs. 25,000 are prescribed as the wage ceiling for Chapter III of the Code on Social Security, 2020, governing the Provident Fund Scheme and EPF contributions. The ceiling takes effect upon publication in the Official Gazette. It supersedes the earlier wage-ceiling notification while preserving actions taken or omitted before the supersession.

Authorised officers for food-import controls are designated under the Food Safety and Standards Act and the FSS (Import) Regulations at notified points of entry. ICD Dhanakya, Jaipur is added as a food-import point of entry, with a Superintendent, Appraiser, Inspector or Examiner designated as authorised officer. The updated schedule identifies 172 points of entry across airports, inland container depots and SEZs, land customs stations and seaports. The earlier customs instruction is modified to reflect this addition.

Rupee appreciation against the US dollar followed lower crude oil prices, improved global risk sentiment, positive domestic equity markets, and softer US Treasury yields. Dollar index strength, geopolitical developments, and possible increases in oil supplies remained relevant to currency movements. Market commentary anticipated a slight positive rupee bias if crude oil prices continued to ease, while renewed geopolitical tensions could weaken risk sentiment. Net foreign institutional investment and a decline in foreign exchange reserves also formed part of the market context.

Special Economic Zone de-notification removes 10.23 hectares from the IT/ITES Special Economic Zone established for M/s GOCL Corporation Limited at Kattigenahalli and Venkatala Villages. The SEZ, originally notified over 12.14 hectares, consequently retains a total notified area of 1.91 hectares. The action follows the developer's proposal, State approval, Development Commissioner recommendation, and satisfaction of statutory and related requirements.

International Financial Service Centre Insurance Offices undertaking life insurance business must submit prescribed statements of admissible assets, liabilities and solvency margin, together with an annual actuarial report, an asset-and-liability valuation certified by the Appointed Actuary, and a certified solvency computation. Mathematical reserves must ordinarily be determined policy by policy through Gross Premium Valuation using prudent assumptions and an appropriate Margin for Adverse Deviations. Available Solvency Margin is measured against reserve-and-sum-at-risk and investment-risk required margins, and the control level requires a minimum solvency ratio of 150%.

Goods sent or taken out of India for exhibition or export-promotion consignments are not supplies, and therefore not zero-rated supplies, at the time of removal where no consideration is received. They must move under a delivery challan and be recorded by the registered person. Goods must be sold abroad or returned within six months; supply arises on the date of sale for goods sold, or is deemed to arise on expiry of that period for goods neither sold nor returned. Tax invoices and eligible input tax credit refunds follow only after supply arises.

Revisionary jurisdiction under Section 263 applies where an assessment is both erroneous and prejudicial to Revenue interests. A deduction claimed under Section 80G requires verification against the statutory conditions for allowability when the assessment record does not show that the Assessing Officer examined the claim in the original assessment. The Section 80G deduction was therefore restored to the Assessing Officer solely for verification in accordance with law.