Powers for provisional attachment under Section 83 and functions concerning recovery and payment of tax under Sections 78 and 79 of the Delhi Goods and Services Tax Act, 2017, may be exercised by all Assistant Commissioners and Goods and Services Tax Officers. Prior approval of the Commissioner, State Tax is mandatory on a case-by-case basis. The delegation partially modifies earlier orders and takes effect immediately.

Timely issuance of show cause notices is required to preserve the statutory period available for GST adjudication. In non-fraud cases, notices must be issued at least three months before expiry of the three-year period for issuing an adjudication order. In fraud, wilful misstatement, or suppression cases, notices must be issued at least six months before expiry of the five-year order-making period. Ward and zonal in-charges should identify cases requiring action and ensure time-bound completion of proceedings.

Bullion exchanges and bullion clearing corporations must maintain regulatory compliance, due diligence, risk management, good governance, customer protection, fair treatment and prompt reporting of violations. Governing boards must oversee critical operations, independent regulatory and control functions, risk-appetite frameworks, three lines of defence, product reviews and conduct culture. Directors, committee members and key management personnel must act with integrity, preserve confidentiality, disclose beneficial interests, avoid conflicts and misuse of position, and support regulatory compliance. Director appointments require prescribed disclosures, fit-and-proper confirmation, approval processes, training and familiarisation.

Regulation 79 repeals the International Financial Services Centres Authority (Bullion Exchange) Regulations, 2020 and supersedes specified circulars. Savings and deeming provisions preserve actions, approvals, pending applications, accrued rights, liabilities, penalties, investigations and proceedings under the repealed framework. References to the repealed regulations are construed as references to corresponding provisions, while earlier circulars and guidelines continue unless specifically superseded or modified.

Regulation 78 authorises the Authority to issue circulars specifying norms, procedures, processes, manners and guidelines for implementing the International Financial Services Centres Authority (Bullion Market) Regulations, 2025 and addressing matters incidental to their implementation.

Relaxation of strict enforcement may be granted on the Authority's own motion or upon application by a covered entity, where written reasons are recorded and the relaxation serves the development and regulation of the financial services market in an International Financial Services Centre. Applications must state the relevant details and grounds, be accompanied by the prescribed non-refundable fee, and be processed within thirty days of receipt of a complete application. Reasons for acceptance or refusal must be recorded, and rejection reasons communicated to the applicant.

Power to remove difficulties permits the Authority to issue directions through guidance notes or circulars where difficulties arise in interpreting or applying the International Financial Services Centres Authority (Bullion Market) Regulations, 2025.

Bullion exchanges and bullion clearing corporations require prior approval to frame bye-laws governing bullion contracts, clearing and settlement. Amendments to relevant constitutional documents and bye-laws must be approved by the governing board, and by shareholders where applicable, before approval and required publication. Applications must include governing board minutes, shareholder resolutions and public consultation. Amendments pursuant to regulatory directions or circulars are exempt from shareholder approval and public criticism.

Regulatory fees are payable by bullion exchanges, bullion clearing corporations, bullion depositories and intermediaries as specified by the Authority. Each such entity must provide further information or clarification concerning the fee payable when required.

Bullion exchanges, bullion clearing corporations, bullion depositories and vault managers must furnish returns, statements and particulars to the Authority in the specified manner. Bullion exchanges and bullion clearing corporations must also report information prescribed under the applicable rules. Annual financial statements and records for the preceding financial year must be submitted by 30 September each year.

Bullion exchanges must preserve prescribed books, documents and Authority-specified records in electronically retrievable form for the applicable retention period. Bullion clearing corporations must retain governance minutes, clearing-member and settlement-account details, transaction records, security and margin records, client margin details, ledgers, journals, cash books and bank statements in that form. Bullion depositories, vault managers and other intermediaries must preserve electronically retrievable books and documents for at least eight years.

Every bullion exchange, bullion clearing corporation and bullion depository must submit an audited net worth certificate issued by its statutory auditor. The certificate is required annually and must be submitted by 30 September for the preceding financial year.

Website maintenance is required for every bullion exchange, bullion clearing corporation, bullion depository and vault manager through a website or other universally accessible electronic information repository. It must publish required regulatory information, host rules, regulations, bye-laws, guidance and amendments, explain membership or association application procedures, and provide material information concerning the entity's functions.

Listing of securities by a bullion exchange or bullion depository on a recognised stock exchange requires completion of three years of continuous operations immediately before the application and prior approval of the Authority. Conditions may be imposed in the interest of the bullion or securities market, including conditions governing transfer of shares held by any person in the bullion exchange or bullion depository.

Authority appointment of auditors enables inspection or investigation into the books of account, records, documents, infrastructure, systems, procedures and affairs of regulated bullion market entities. Expenses incurred for such audit or investigation, including auditors' fees, are recoverable by the Authority from the concerned regulated entity.

Regulation 67 confers broad enforcement and direction-issuing powers in relation to the bullion market in an International Financial Services Centre. Directions or action, including penalties, may be initiated suo motu, on receiving information, during a pending inspection, enquiry or investigation, or after its completion. Measures may be taken in the interests of the public, trade, investors, consumers, securities market or bullion market against regulated entities and their directors, committee members, key management personnel, employees or associated persons.

Inspection, enquiry and audit powers permit the Authority to examine bullion market entities, including bullion exchanges, clearing corporations, depositories, vault managers, trading members, clearing members, and specified associates, shareholders and agents. Where an inspection is undertaken, the relevant entity or connected person and its managers, key management personnel, directors, officers and employees must cooperate.

Power to call for information enables the Authority to require information, documents or records from a bullion exchange, bullion clearing corporation, bullion depository, vault manager, their governing boards, or any shareholder. The power forms part of the framework for enquiries, inspection and enforcement in the bullion market.

Bullion market intermediaries may participate in bullion-market activities only under a certificate of registration and subject to prescribed conditions. Applicants must satisfy fit and proper criteria, file applications in the specified form and manner, and pay prescribed fees. The relevant bullion exchange, clearing corporation or depository processes applications for eligibility and forwards recommendations for registration. Registration may be suspended or cancelled, but a hearing is required except for voluntary surrender. Voluntary surrender becomes effective only upon approval.

Fit and proper requirements for persons connected with a bullion exchange, bullion clearing corporation, bullion depository or vault manager are subject to the Authority's final determination where a question arises from the decision of any such entity. The Authority's decision is conclusive on the fit and proper status of the person concerned.