Corrigendum to Finance Act updates specific textual and tariff-code errors to correct Gazette publication entries.
Corrigendum to the Finance Act, 2021 directs specific substitutions of words, headings and tariff codes at identified page and line references in the Gazette publication, replacing selected phrases (for example, "- - Other:" with "- Other:", "ETHER" with "OTHER"), correcting tariff codes and a tariff-entry cross-reference, and revising an entry format for a tariff item to rectify publication errors.

Sovereign Gold Bond Scheme issues 1-gram bonds with 2.5% interest, eight-year maturity, and tax-favoured redemption.
Sovereign Gold Bond Scheme 2021-22 issues Government of India Stock in one-gram denominations (and multiples) to eligible persons and entities, with annual subscription limits (4 kg for individuals/HUFs; 20 kg for trusts). Nominal value is fixed by the three-day simple average IBJA closing price; online digital applicants receive Rs.50 per gram discount. Interest is 2.50% p.a. paid semi-annually; maturity is eight years with premature redemption permitted after five years. Bonds are transferable, tradable, usable as loan collateral subject to RBI LTV, interest taxable, and redemption capital gains exempt for individuals with indexation on transfers.

Insurance intermediary registration in financial centres requires eligibility, capital, indemnity cover, controlled operations, and continuing policyholder safeguards.
Insurance intermediary operations in an International Financial Services Centre require a certificate of registration for brokers, corporate agents, surveyors and loss assessors, or third-party administrators. Eligibility depends on valid domestic or home-jurisdiction registration where applicable, FATF-compliant and tax-treaty jurisdiction criteria for foreign applicants, capital or net-worth requirements, fit-and-proper management, infrastructure and policyholder interests. Grant follows in-principle approval and completion of capital, training and professional indemnity conditions. Registrants must conduct only authorised business, comply with KYC and anti-money-laundering obligations, maintain grievance redressal and records, prohibit multi-level marketing, and transact financial business in freely convertible foreign currency other than Indian rupees.

IFSC insurance registration requires capital, solvency, governance and compliance safeguards for insurers, reinsurers, Lloyd's participants and managing general agents.
Registration is mandatory before insurance or reinsurance business may commence through an International Financial Services Centre Insurance Office. Eligibility requires appropriate domestic or home-jurisdiction authorisation, regulatory compliance, fit-and-proper governance, FATF-compliant jurisdictional status, and applicable capital, Net Owned Fund and solvency compliance. Registered IIOs may undertake permitted life, general, health or reinsurance business in freely convertible foreign currency, subject to restrictions on Domestic Tariff Area business. They must maintain resident key personnel, records, KYC and AML compliance, prudential standards and regulatory reporting. The Authority may inspect, investigate, suspend or cancel registration after giving an opportunity for submissions.

Commencement of constitutional amendment: government notification designates an operative date making the amendment provisions effective.
The Central Government, in exercise of the power conferred by the commencement sub section of the Constitution (One Hundred and Fifth Amendment) Act, 2021, by notification dated 15 September 2021 appoints 15 August 2021 as the date on which the provisions of that Act shall come into force.

ATM cash-out penalty: banks must monitor cash availability and face penalties for prolonged outages under scheme.
A penalty scheme mandates banks and White Label ATM Operators to monitor ATM cash availability and ensure timely replenishment; system-generated monthly statements of ATM downtime due to non-replenishment must be submitted to the Issue Department within five days of the following month. The Scheme imposes a flat monetary penalty for prolonged cash-outs, charges the bank meeting cash requirements for WLAs (which may recover the penalty from the WLA operator), and is administered by Issue Departments with a limited appeal process for genuine force majeure reasons.

IFSC banking regulation broadens permitted activities while revising capital, reserve, foreign currency account, leverage and exposure compliance.
IFSC Banking Units must be capitalised by their Parent Banks at the prescribed minimum level and comply with Home Regulator directions unless otherwise specified. Leverage ratio and exposure ceiling requirements are subject to applicable norms and guidelines. Banking Unit liabilities are generally exempt from reserve requirements, except deposits raised from individuals resident in India or outside India. Banking Units may maintain freely convertible foreign currency accounts for eligible persons and undertake permitted financial-services and banking activities, subject to prescribed conditions, including design, execution and risk-management requirements.

House rent allowance options for tribunal members revised to permit government accommodation or capped allowance under amended rules.
The notification amends the 2020 Rules under section 184 of the Finance Act, 2017 by redefining the Search-cum-Selection Committee, omitting rules 4, 7 and 9, substituting rule 15 to grant certain senior office-holders the option of government accommodation or a house rent allowance effective from 1 January 2021 (with retrospective operation to implement a Supreme Court judgment), and replacing the Schedule to set out detailed, role-specific qualification criteria for appointment to chairs and member posts across listed tribunals and authorities.

Commencement of Part III of the Finance Act, 2021 designates 30 June 2021 as its effective commencement date.
The Central Government appoints the 30th day of June, 2021 as the date on which the provisions of Part III of the Finance Act, 2021 shall come into force, exercising the Act's commencement power.

Enterprise classification criteria drive reclassification and Udyam online registration based on self-declaration and linked tax data.
A composite test of investment in plant and machinery or equipment and turnover determines micro, small or medium status; aggregation applies to all units with the same PAN across GSTINs. Udyam Registration is an online, self-declaration based process issuing a permanent Udyam Registration Number and e-certificate; calculation of investment and turnover is linked to Income Tax Returns, PAN and GST data, with temporary self-declaration relief for new enterprises until first ITR. Updates, re-registration by existing registrants, transitional protections for graduation, and single-window facilitation and grievance mechanisms are prescribed.

Industrial training entitlement expanded for articled assistants, setting eligibility, duration, supervisor qualifications, foreign placements and service credit.
The amendment creates a comprehensive industrial training regime: eligible articled assistants who have passed the requisite intermediate examination and completed minimum practical training may undertake Council approved industrial training in prescribed public bodies or qualifying undertakings, including specified foreign placements. The Council may set qualifying thresholds and recognise member officers to impart training. Training requires a Council approved agreement, three months' notice to the principal, and a completion certificate from the member; the certified industrial training period is treated as service under articles. Regulation 54's referenced period is extended to eighteen months and regulation 58 is textually clarified.

Sovereign Gold Bond Scheme issues gold denominated bonds with fixed interest, demat option, and annual investment limits.
The Sovereign Gold Bond Scheme 2021-22 issues government stock in one gram denominations (min one gram) to specified resident Indian entities with annual ceilings (4 kg individuals/HUF, 20 kg trusts). Nominal value is based on the three day average gold price; online digital payments attract a Rs.50 per gram discount. Bonds are convertible to demat, carry fixed interest at 2.50% per annum payable half yearly, mature in eight years with early redemption from year five, and have maturity redemption priced on the three day average gold rate. Interest is taxable; redemption capital gains are exempt for individuals.

Derivative trading and clearing membership under banking regulations is clarified to permit trading and/or clearing functions in derivative segments.
Regulation 13(8) is corrected to provide for functioning as a trading member for interest rate or currency derivatives and/or as a clearing member for clearing and settlement in any derivative segment. The correction removes the qualification restricting clearing membership to a professional clearing member.

Market infrastructure recognition in IFSCs requires authorised ownership, fit-and-proper governance, resilience, and continuous regulatory compliance.
Recognition of IFSC stock exchanges, clearing corporations and depositories depends on incorporation, ownership, fit-and-proper status, net worth, governance and operational capability. Stock exchanges require orderly trading, surveillance, investor grievance and continuity systems; clearing corporations require netting, novation, risk controls and a Settlement Guarantee Fund; and depositories require secure dematerialisation, daily reconciliation, data protection and investor safeguards. Recognised institutions must ensure fair access, maintain electronic records, appoint a compliance officer, submit returns, and remain subject to inspection, audit, directions and prescribed conditions.

Schedule cross-reference correction aligns Finance Company Regulations with revised eligibility provisions for International Financial Services Centres.
Schedule cross-references in the International Financial Services Centres Authority (Finance Company) Regulations, 2021 are corrected to align the Schedule's enabling citations with regulation 3(5)(i) and regulation 3(5)(ii), replacing references to regulation 3(4)(i) and regulation 3(4)(ii). The corrected bracketed citation retains the reference to regulation 3(1) and applies in both Hindi and English versions.

Corrigendum to Finance Act 2021 corrects typographical, punctuation and drafting errors in the Gazette text.
Corrigendum to the Finance Act, 2021 formally lists specified textual corrections to the Gazette publication of the Act, indicating page and line references and replacement wording for typographical, spelling, plurality, punctuation and date-formatting errors, and is authenticated by the Secretary to the Government of India.

Insolvency amendment terminology corrections clarify 'preliminary information memorandum' and 'insolvency commencement date' and clause references.
Corrigenda to the Insolvency and Bankruptcy Code (Amendment) Ordinance, 2021 correct specific terminology and cross references: "preliminary information" is replaced by "preliminary information memorandum", "insolvency date" is replaced by "insolvency commencement date", "in under clause (b)" is corrected to "in clause (b)", and "cause (c)" is corrected to "clause (c)".

Commencement of Part XIII provisions of the Finance Act activates the statutory framework specified under the Act.
The Central Government, under the authority of section 164 of the Finance Act, 2021, by formal notification through the Ministry of Finance, appoints the date on which Part XIII of Chapter VI of the Finance Act, 2021 shall come into force, thereby specifying the commencement date for those statutory provisions.

IFSC finance company registration requires capital, prudential compliance, permitted-activity controls, and ongoing governance, reporting, and anti-money-laundering obligations.
Finance Companies and Finance Units in International Financial Services Centres require registration, cannot accept public deposits, and must maintain prescribed owned funds. Registration may be conditional or provisional, while deficiencies require an opportunity for rectification and written submissions before refusal. Entities must meet prudential capital, liquidity, and exposure requirements, undertake only permitted specialised, core, or non-core activities, and avoid speculative transactions. Non-core activities require separate departments, conflict-of-interest firewalls, and customer-redressal policies. Operations, reporting, governance, foreign-exchange compliance, and anti-money-laundering controls remain subject to specified requirements.

Portfolio management and investment advisory services become permitted banking activities for Indian and overseas residents in International Financial Services Centres.
Banking activities in International Financial Services Centres are expanded to permit banking units to offer Portfolio Management services and Investment Advisory services to persons resident in India and persons resident outside India. These activities are inserted into the permitted activities framework under the International Financial Services Centres Authority (Banking) Regulations, 2020, with effect upon publication in the Official Gazette.