14. (1) On and from the commencement of these regulations, the Payment and Settlement Systems Regulations, 2008, issued by the Reserve Bank of India, shall not apply in an International Financial Service Centre'. (2) Notwithstanding anything contained in sub-regulations (1), any action taken or purported to have been taken under the said regulations, including any guidelines, circulars or directions issued thereunder, before the commencement of these regulations shall be deemed to have be... ... ...

13. (1) For the purposes of implementation of these regulations and matters incidental thereto, the Authority may specify norms, procedures, processes, additional requirements, etc. by way of circulars, guidelines or directions. (2) In order to remove any difficulties in the interpretation or application of the provisions of these regulations, the Authority may issue directions through guidance notes or circulars. (3) For the purposes of implementation of these regulations and matters ... ... ...

CHAPTER VI MISCELLANEOUS 12. (1) The Authority, for reasons to be recorded in writing, may in the interest of development of financial market in International Financial Services Centre, relax the strict enforcement of any requirements of these regulations. (2) For seeking relaxation under sub-regulation (1), an application giving details and the grounds on which such relaxation has been sought, shall be filed with the Authority along with a non-refundable fee as may be specified by ... ... ...

11. . - (1) Every System Provider shall furnish to the Authority, within three months from the date on which its annual accounts are closed, a copy of its audited balance sheet as on the last date of the relevant year along with a copy of the profit and loss account and also a copy of the Auditor's report. Provided that the Authority may, on an application made by the System Provider, extend the said period of three months for furnishing of returns by a further period not exceeding thr... ... ...

CHAPTER V RETURNS, DOCUMENTS AND OTHER INFORMATION 10. - Every System Provider shall submit to the Authority such returns, documents and other information as may be required by the Authority from time to time and in such form as specified by the Authority. =============... ... ...

CHAPTER IV PAYMENTS INSTRUCTIONS AND DETERMINATION OF STANDARDS 9. Every System Participant, with respect to the format of payment instructions and other matters specified in clauses (a) to (f) of sub-section (1) of Section 10 of the Act, shall be governed by the regulations, guidelines, instructions or directions, as may be issued by the Authority. =============... ... ...

CHAPTER III COMPLIANCE WITH THE STANDARDS 8. . - Every System Provider shall comply, on an ongoing basis and to the extent applicable, with the Principles for Financial Market Infrastructure issued by Committee on Payments and Market Infrastructures (CPMI) and International Organization of Securities Commissions (IOSCO) and such other norms as may be specified by the Authority from time to time. =============... ... ...

7. . - (1) An application for exemption under proviso (d) to sub-section (1) of section 4 of the Act shall include the rationale under which such exemption is being sought. (2) The Authority shall, after due consideration of the information provided in the application and any other information that may be available with it, decide to accept, with or without conditions or reject the request for exemption and communicate the same to the applicant within a period of ninety days from the date ... ... ...

6. . - (1) On examination of the application, if the Authority is satisfied that the conditions under sub-section (1) of Section 7 of the Act are fulfilled, it may issue an authorisation certificate in such form as may be specified by the Authority, to the applicant to commence a Payment System and specify the date on which the authorisation shall take effect. (2) The authorisation certificate shall be issued upon receipt of a non-refundable fees as may be specified by the Authority from t... ... ...

5. . - (1) After considering the application for the grant of authorisation under sub-regulation (1) of regulation 4, the Authority may issue an "in-principle approval" requiring the applicant to satisfy the conditions of sub-section (1) of section 7 of the Act and such other conditions, as may be stipulated by the Authority. (2) The issuance of "in-principle approval" by the Authority shall not automatically entitle the applicant for authorisation. =============... ... ...

CHAPTER II AUTHORISATION OF PAYMENT SYSTEMS 4. . - (1) Every person desirous of commencing or carrying on a Payment System in an International Financial Services Centre (hereinafter referred to as 'applicant') shall submit an application under sub-section (1) of Section 5 of the Act to the Authority for grant of authorisation under sub-section (1) of section 7 of the Act. (2) The application under sub-regulation (1) shall be made in such form and manner as may be specified by... ... ...

3. . - (1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings as assigned to them below and their cognate expressions and variations shall be construed accordingly- (a) 'Act' means the Payment and Settlement Systems Act, 2007 (51 of 2007); (b) 'Authorisation Certificate' means the certificate containing the authorisation issued by the Authority under sub-section (1) of Section 7 of the Act; (... ... ...

2. . - These regulations lay down the process of authorisation and operations of Payment Systems in International Financial Services Centres. =============... ... ...

INTERNATIONAL FINANCIAL SERVICES CENTRES AUTHORITY NOTIFICATION Gandhinagar, the 14th October, 2024 International Financial Services Centres Authority (Payment and Settlement Systems) Regulations, 2024 F. No. IFSCA/GN/2024/009.- In exercise of the powers conferred by sub-section (1) of section 28 read with sub-section (1) of section 12 and sub-section (1) of section 13 of the International Financial Services Centres Authority Act, 2019 (50 of 2019); and section 34 B read with sub-sec... ... ...

PART-III GOVERNMENT OF PUNJAB DEPARTMENT OF EXCISE AND TAXATION (EXCISE AND TAXATION-II BRANCH) NOTIFICATION The 3rd September, 2024 No. S.O.44/P.A.5/2017/S.148/2024.- In exercise of the powers conferred by section 148 of the Punjab Goods and Services Tax Act, 2017 (Punjab Act 5 of 2017), and all other powers enabling him in this behalf, the Governor of Punjab, on being satisfied that it is necessary in the public interest so to do, on the recommendations of the Council, is ple... ... ...

This commentary provides doctrinal analysis and practical insights on the legal issue discussed below. The judgment is analysed in the context of its factual background, issues framed, and conclusions reached by the Court. 2026 (7) TMI 1759 - BOMBAY HIGH COURT 1. Introduction Cancellation of GST registration for continuous non-filing of returns is a serious regulatory consequence, but it does not extinguish the taxpayer's underlying liabilities. The statutory scheme distinguishes be... ... ...

The Mumbai-based joint venture combines bespoke event curation with premium production and storytelling to create highly personalised weddings and milestone celebrations Mumbai, Maharashtra, India --- Business Wire India Bizspoke Pvt. Ltd., an events and experiential solutions company, and Sol Production LLP, an award-winning content production house, have announced the launch of Aria Weddings, a new luxury weddings and celebrations venture. Created to meet the growing demand for highly... ... ...

131. (1) On and from the commencement of these regulations, the International Financial Services Centres Authority (Issuance and Listing of Securities) Regulations, 2021 shall stand superseded. (2) Notwithstanding anything contained in sub-regulation (1), anything done or any action taken or purported to have been taken under the regulations mentioned in sub-regulation (1), before the commencement of these regulations shall be deemed to have been done or taken or commenced under the corre... ... ...

130. (1) For the purposes of implementation of these regulations and matters incidental thereto, the Authority may specify norms, procedures, processes, additional requirements, etc. by way of circulars or guidelines or directions. (2) The requirements under regulations 80, 81, 82 and 126 may be specified after public consultation and approval in a meeting of the Authority. (3) In order to remove any difficulties in the application or interpretation of these regulations, the Authority ... ... ...