Where authorisation cannot be granted because of deficiencies, the Authority must communicate them to the applicant and allow thirty days for rectification. Failure to rectify leads to refusal, subject to a reasonable opportunity of hearing. An applicant may withdraw an application before authorisation is granted. Following refusal or withdrawal, a fresh application may be submitted only after six months from communication of refusal or the date of withdrawal, respectively.

Eligible Payment Service Providers may receive a Certificate of Authorisation subject to conditions determined by the Authority. The certificate remains valid unless revoked or surrendered. Providers may be required to maintain a specified security deposit, identify an IFSC Banking Unit or IFSC Banking Company as Nodal Bank with its concurrence, and disclose material changes in previously furnished information. Conditions for commencing or carrying on Payment Services may be modified.

In-principle approval for payment service provider authorisation may be issued where an application prima facie meets the conditions for authorisation, subject to conditions imposed before authorisation is granted. It does not create an automatic entitlement to authorisation. Changes in ownership or control must be notified and trigger review, with the outcome communicated to the applicant. Revocation following review requires a reasonable opportunity of hearing before a final decision.

Payment Service Provider authorisation assessment considers the experience of relevant persons, including existing authorisation for similar services in another jurisdiction; adequate infrastructure and manpower; and compliance with the prescribed net worth requirement. It also considers financial soundness, fit and proper requirements, past refusals of authorisation, pending breach-of-law proceedings, and adequate protection of Payment Services Users' interests through the governing terms and conditions.

Applicants and Payment Service Providers must ensure that their directors, key managerial personnel, and persons exercising control meet the fit and proper requirements. The Authority may assess any Relevant Person during authorisation processing or at any later time. Where the applicant's or provider's assessment differs from the Authority's assessment, the Authority's assessment prevails.

Payment Service Providers must continuously maintain the prescribed minimum net worth. The threshold may be reviewed and adjusted to address emerging risks and changes in the financial environment. Any additional net-worth requirement arising from such review must be met within 180 days of communication. Corrective action may apply where net worth falls below applicable requirements, and providers may be required to conduct stress tests of their ability to withstand adverse economic scenarios.

Every applicant seeking authorisation under regulation 4 must be incorporated as a company and maintain its registered office in an International Financial Services Centre. Company incorporation and an IFSC registered office are mandatory legal-form and location conditions for an authorisation application.

Persons seeking to provide Payment Services in or from an IFSC must obtain authorisation as a Payment Service Provider through an application in the specified format and manner, accompanied by a non-refundable fee. Schedule IV persons are exempt. Authorised providers may offer services listed in Part A of Schedule I, while those also meeting Part C conditions are designated Significant Payment Service Providers.

Authorisation for Payment Services is mandatory for any person seeking to provide Payment Services in or from an International Financial Services Centre. A certificate of authorisation under the International Financial Services Centres Authority (Payment Services) Regulations, 2024 is required before commencing or carrying on such activity.

IFSC payment services cover specified authorised activities while excluding prescribed non-payment activities. Payment service providers are authorised companies serving payment service users as payers, payees, or both. Payment accounts, instruments, orders, and transactions govern the initiation and execution of payments. Account issuance, cross-border money transfer, e-money issuance, merchant acquisition, and escrow services are separately identified. E-money is prepaid electronically stored value in a specified foreign currency, accepted by persons other than its issuer and representing a claim on the issuer; deposits are excluded. The framework also addresses applicable funds, safeguarding institutions, agents, group entities, and third-party service relationships.

International Financial Services Centres Authority (Payment Services) Regulations, 2024 derive from powers under the International Financial Services Centres Authority Act, 2019. Regulation 1 prescribes their short title and provides that they enter into force upon publication in the Official Gazette. The provision concerns identification and commencement only, without setting out substantive authorisation, licensing, operational, compliance, or enforcement conditions.

BATF Services in an IFSC require registration, except for specified Ancillary Service Providers subject to transitional conditions. Applicants must be established as a company or limited liability partnership in the IFSC, maintain fit-and-proper status, and serve only eligible non-resident recipients. Safeguarding conditions prohibit business splitting, reconstruction or reorganisation involving existing Indian operations, asset transfers from Indian group entities, and transfer or replacement of existing group-entity contracts. Providers must appoint qualified IFSC-based Principal and Compliance Officers, operate in specified foreign currency, undertake prescribed reporting, and obtain annual independent compliance certification.

Faceless assessment applies to imports primarily under Chapter 29 in Appraisement Group 2A across Mumbai Customs Zones I, II and III. Covered Bills of Entry are assigned through the Customs Automated System to Faceless Assessment Groups. Nodal Commissioners must monitor speedy and uniform assessments and ensure procedures for verification, speaking orders, review, demand adjudication, provisional assessment, amendments, and electronic communication are followed. The Turant Suvidha Kendra supports relevant functions, while jurisdictional Customs Appeals Commissioners may hear appeals despite the assessing officer being located elsewhere.

Faceless assessment of imported goods in Mumbai Customs Zone II is extended beyond Group 2A in phased coverage of specified import groups. Bills of Entry concerning these groups are assigned by the Customs Automated System to officers in the respective Faceless Assessment Groups. Principal Commissioners/Commissioners act as Nodal Commissioners to monitor speedy and uniform assessment, while assessment groups operate under Commissioner-level control. Jurisdictional Commissioners of Customs (Appeals) may hear appeals for imports within their jurisdiction despite assessment by an officer at another Customs station.

Prior GST clarifications concerning secondary or post-sales discounts are withdrawn ab initio under the Goa Goods and Services Tax Act, 2017. The withdrawal follows representations raising apprehensions about their implications and is intended to secure uniform implementation across field formations. It removes the operative effect of the earlier guidance from its original date of issue and precludes reliance on those clarifications.

Enforcement under the Narcotic Drugs and Psychotropic Substances Act, 1985 targeted drug trafficking through intelligence-led interceptions of cannabis, charas/hashish, cocaine and amphetamine consignments. More than 845 kg of contraband was seized across rail, road and airport transit points, with 15 persons arrested. Operations addressed cross-border and domestic movement, including concealment in clothing, baggage, commercial cargo, consumer-product containers and textiles, and extended to a receiver and organiser linked to amphetamine trafficking.

Industrial-relations engagement addresses strike action seeking a five-day banking week and withdrawal of the Performance Linked Incentive scheme. The scheme has been kept in abeyance, while conciliation continues on the five-day workweek demand. Employees are urged to resolve issues through dialogue and maintain uninterrupted banking services. Workforce measures include revised pay scales, welfare benefits, streamlined recruitment and promotions, improved transfers, pension-related benefits, medical insurance, disability-related allowances, and early negotiations for the next Bipartite Settlement.

The cooperative framework supports preventive drug-awareness campaigns, youth-empowerment initiatives and community outreach programmes through value-based education, awareness of harms associated with narcotic drugs and psychotropic substances, and information on counselling, recovery and treatment avenues. Activities include seminars, workshops, exhibitions, rallies, competitions and digital awareness initiatives, with focus on educational institutions, rural communities and youth. Activities remain voluntary, educational, inclusive and non-regulatory, and participating volunteers cannot perform enforcement, investigation or policing functions.

Entry 41 covers upfront consideration for leases of at least thirty years of industrial plots or financial-business infrastructure, subject to use for industrial or financial activity. For IT/ITeS leases in a State-declared industrial IT park, relevant considerations include the State industrial-area declaration, lease restrictions to IT/ITeS use, and limited ancillary commercial facilities. The absence of a CGST definition leaves the scope of industrial activity dependent on State classification, with uncertainty about broad non-industrial uses within declared areas.

The Index of Core Industries (ICI), using base year 2022-23, records a provisional overall index of 119.2 for August 2026, representing year-on-year growth of 4.8 per cent against August 2025. The July 2026 overall index has been finalised at 120.8 in place of its provisional value of 121.2, with the associated year-on-year growth revised from 5.4 per cent to 5.0 per cent. August 2026 data remain provisional.